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Oil dips below $122 in Asia on waning demand in US

(Agencies)
Updated: 2008-07-30 17:25

SINGAPORE -- Oil prices continued a 3-week slide Wednesday in Asia as expectations that this year's surge in energy costs are undermining US gasoline demand sent crude below $122 a barrel.

Related readings:  US stocks soar after another drop in oil prices  OPEC chief: Oil prices may fall to $70  Oil's 2-week nosedive shows up at the pump

Investors expect more evidence of falling gasoline consumption when the US Energy Department's Energy Information Administration releases its weekly oil inventory report later Wednesday, said Mark Pervan, a senior commodities strategist with ANZ Bank in Melbourne.

"People are looking closely at the deteriorating demand for petrol," Pervan said. "The market will probably fence-sit ... ahead of the DOE numbers."

Gasoline stocks were expected to rise 400,000 barrels in the petroleum supply report, according to the average of analysts' estimates in a survey by energy research firm Platts. The survey also showed that analysts projected crude oil inventories to fall 1.3 million barrels.

Light, sweet crude for September delivery rose 3 cents to $122.22 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. The contract dropped $2.54 to settle at $122.19 a barrel on Tuesday.

In London, September Brent crude was up 4 cents at $122.75 a barrel on the ICE Futures exchange.

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