Oil was lower in Asia Wednesday with traders taking profit after prices capped three consecutive days of rallies by surging to a 12-week high overnight, analysts said. New York’s main contract, West Texas Intermediate (WTI) light sweet crude for delivery in September was down 27 cents to $93.40 a barrel in the afternoon and Brent North Sea crude for September delivery dipped 23 cents to $111.77. Crude markets were retreating after “oil prices jumped to a 12-week peak on Tuesday” with Brent and WTI prices “posting their highest settlements since May 15”, Phillip Futures said in a report. “Falling North Sea output, support for more bond buying by the US Federal Reserve and Middle East tensions lifted crude futures to a third straight higher settlement” on Tuesday, the report added.
