SINGAPORE, Nov 2 (AFP) - Crude oil prices slipped below 50 dollars a barrel in Asian trade Tuesday as the market waited for the outcome of the US presidential elections, dealers said.
At 11:25 am (0325 GMT), New York's benchmark contract, light sweet crude for delivery in December, was down 23 cents to 49.90 US dollars a barrel from its settlement of 50.13 dollars in New York Monday.
Analysts say it was not clear if the US presidential elections had anything to do with the drop in crude prices but they hold the view that prices are beginning to soften as supply worries ease.
"I don't know whether the American elections have anything to do with it but ... it may fall more," said a Singapore-based energy consultant with an international trading house.
Crude prices have surged in recent weeks to within sight of 60 dollars but have dropped sharply after US weekly crude inventories showed a surprisingly strong increase.
Prices also likely cooled on reports that Nigerian oil workers had not yet decided on a strike, along with news of a rise in Iraqi oil exports to a post-war high.
"Apparently those two stories caused the market to sell off," said Alaron Trading analyst Phil Flynn in Chicago.
11/02/2004 03:28 GMT - AFP