Oil fell in Asian trade today as investors took profits from sharp gains the previous day on hopes Greece would avert a default on its massive debt and stronger US energy demand.
New York's main contract, West Texas Intermediate for delivery in August, was down 19 cents to $92.70 a barrel in morning trade after rising by $2.28 yesterday.
Brent North Sea crude also for August dipped 33 cents to $108.45 after leaping $2.79 the day before.
Despite a general strike and street protests, traders were hopeful that the Greek parliament would pass the tough measures required under an International Monetary Fund- European Union bailout of the country when it meets yesterday.
"The market is cautiously optimistic that the Greek parliament will approve... [an] austerity package to secure the next tranche of EU-IMF aid to avoid a default on its debt," DBS Bank said in a market commentary.
Crude oil stocks fell 2.7 million barrels in the week to June 24, bigger than analysts' forecast for a drawdown of 1.4 million barrels.
A thinning of crude stocks indicates stronger demand in the United States, the world's biggest economy and its largest oil-consuming nation.
DFM Index Declines Slightly
The DFM General Index spending most of the session in the red zone closed the day at 2,379.49 points on Tuesday 18th June 2013. The index trimmed 3.32 points or 0.14 percent for the session.
QE Index Turned Red as Key Sectors Decline
The Qatar Exchange turned red on Tuesday 18th June 2013. The Index continued stepping its way lower in the red territory, dropping 68.65 points or 0.73 percent it reached at 9,361.05 levels.
Large Cap Drives ADX Index Higher
The ADX General Index stepped up to close the session at 3,659.54 points on Tuesday 18th June 2013, up 16.30 points or 0.44 percent from its previous close.