Oil turns lower in Asia


Oil fell in Asia Tuesday after an initial rally sparked by hopes for a Chinese stimulus package and tensions in the Gulf after a US Navy ship fired on a small boat off Dubai’s coast, analysts said. New York’s main contract, light sweet crude for delivery in August fell 17 cents to $88.26, and Brent North Sea crude for September delivery shed 20 cents to $103.17. Crude markets were catching their breath after gains made earlier in the day, said Purvin and Gertz energy consultants senior principal Victor Shum. “It’s actually not much of a fall. I think it really got to the point where it hit a ceiling, not really defined by market conditions so therefore we’re seeing some pulling back,” he told AFP.