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SINGAPORE, Oct 18 (AFP): Oil prices were lower in Asian trade today ahead of US inventory data but remained volatile as a new Atlantic storm whipped up fresh nerves in the oil-producing US Gulf Coast region, dealers said.
New York's main contract, light sweet crude for delivery in November was at 63.90 dollars a barrel today, down 46 cents from its close of 64.36 dollars in the United States.
Tetsu Emori, chief commodities strategist at Mitsui Bussan Futures in Tokyo, said news the Organisation of Petroleum Exporting Countries (OPEC) had revised down its estimate for growth in world oil demand this year prompted investors to take profit.
Updating previous forecasts, the 11-member oil cartel said global demand would increase on average by 1.2 million barrels per day or 1.4 per cent.
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