Oil in Asia slips, but maintains firm outlook

Oil in Asia slips, but maintains firm outlook

SINGAPORE (Reuters): Asian crude oil prices eased on Thursday, but maintained an overall firm outlook as the global oversupply is steadily eroded.

October U.S. crude futures trading on the New York Mercantile Exchange (NYMEX) after-hours ACCESS trade lost three cents to US$24.10 per barrel at 0730 GMT.

In New York trade on Wednesday, the contract ended up 27 cents at $24.13 from the previous day. October NYMEX crude reached a high of $24.49 on Wednesday, the highest since Jan. 31, 1997, but selling pressure trimmed the gains at the close.

On the Singapore International Monetary Exchange (SIMEX), November Brent was bid at $22.58 per barrel, with no offers. The contract closed three cents lower at $22.78 on London's International Petroleum Exchange (IPE) on Wednesday.

Traders said despite the dip in ACCESS crude prices, the market was finding support from the latest U.S. data showing a fall in crude stocks, and comments by Venezuela that it would keep its output ceiling.

"We're not interested in raising our production," Venezuelan president Hugo Chavez told reporters in Caracas on Wednesday. On Tuesday, Chavez rattled oil markets by saying prices were high enough and that he did not wish to see them rise further.

The Venezuelan president's initial remarks dragged U.S. crude futures prices down to $23.38 on Wednesday, but prices recovered to settle higher at the end of the day.