AFP, Singapore :
Oil prices turned lower in Asia Thursday as investors took a breather from gains that came after the United States reported a large decline in its crude inventories, indicating strong demand.
US benchmark West Texas Intermediate for delivery in September was down 24 cents at $102.88 a barrel in afternoon trade and Brent crude tumbled 13 cents to $109.90.
Despite the dip, analysts said prices are likely to remain high because of data showing strong demand in the United States, the world’s biggest oil consuming nation.
The US Energy Information Administration said inventories fell four million barrels in the week ending July 18, the fourth weekly decline in a row and far bigger than the 2.5 million-barrel drop forecast by analysts.
The report also showed stocks at Cushing, Oklahoma, the biggest oil storage hub in the US, dropped 1.5 million barrels.
A fall in the inventories is typically a sign of stronger demand and is positive news for prices.
