Asia oil weaker pending U.S. data

Asia oil weaker pending U.S. data

SINGAPORE (Reuters): Crude prices in Asia fell on Tuesday amid profit taking as the market waited for latest indications on U.S. oil inventories for direction.

November U.S. crude futures in after-hours ACCESS trade were $24.50 per barrel at late trading, down 11 cents from the New York settlement on Monday.

The New York market had seen prices settle at $24.61, coming off 15 cents from Friday's close, as traders pocketed profits.

They said prices in Asia would likely drift in thin trade, with short-term price direction sought from the American Petroleum Institute (API) stocks data for the world's largest oil consumer.

The API data was due out late on Tuesday and would provide an idea of how quickly OPEC output cuts were eroding supplies.

November Brent crude futures on the Singapore International Monetary Exchange (SIMEX) were untraded -- offered at $24.10 per barrel, but without a bid seen.

On London's International Petroleum Exchange (IPE) on Monday, November Brent ended 17 cents firmer from the previous day, at $24.07.

The November IPE Brent contract had earlier on Monday hit an intraday high of $24.18, the highest level since January 1997.

London prices had strengthened after U.N. figures showed Iraq was just $695 million away from its limit of $5.26 billion in oil exports allowed by the U.N during the current six-month "oil-for- food" phase. The current phase ends November 20.

Using the four-week averages of price and exports, Iraq would surpass the limit by October 8.

Traders said the result of OPEC's Vienna meeting last week, where the members agreed to keep existing output cuts at least until end March, was still keeping the market firm, going into the fourth quarter winter demand period.

Analysts have said the OPEC cuts would deplete inventories in coming weeks and likely push prices higher.

"The outcome of the meeting almost assures the world of a serious stockdraw over the next 90 days," independent U.S. oil consultant Philip Verleger said in a note to clients.

Oil prices have more than doubled from historical lows early this year -- when Brent fell below $10 per barrel -- mainly due to tight OPEC compliance to production cuts.

Venezuelan President Hugo Chavez said in a televised speech on Monday that the country's 2000 budget did not see an increase in its oil exports from the current 2.72 million barrels-per-day.