AFP, Singapore :
Oil prices fell in Asia Wednesday as dealers squared positions following sharp gains in the previous session that were stoked by indications the OPEC cartel will cut its production target next year.
US benchmark West Texas Intermediate (WTI) for October delivery fell 12 cents to $94.76 while Brent crude for November eased eight cents to $98.97 in afternoon trade.
WTI jumped $1.96 on Tuesday while Brent gained $1.17.
“We are seeing some consolidation in the oil market in Asian hours after news of the OPEC production cut led to gains overnight,” Ric Spooner, chief market analyst at CMC Markets in Sydney, told AFP.
