SINGAPORE: Oil prices slipped in Asian trade Tuesday on a stronger dollar as investors awaited US economic data that could hasten the end of the country's easy monetary policy, analysts said.
New York's main contract, West Texas Intermediate for delivery in September, was down four cents at $106.07 a barrel in mid-morning trade, and Brent North Sea crude for September shed one cent to $108.96.
"At the moment I see dollar strength weighing on crude prices," Lee Chen Hoay, investment analyst at Phillip Futures in Singapore, told AFP.
The dollar strengthened "on anticipation that US economic data this week will prompt the Federal Reserve to taper its monetary stimulus programme sooner rather than later," Lee said.
The dollar was changing hands at 97.20 yen in the morning, up from 96.90 yen in New York on Monday.
A stronger greenback makes dollar-priced oil more expensive for buyers using weaker currencies, denting demand and pushing prices lower.
Analysts expect this week's stream of US economic data to revive the debate on the Fed tapering its $85 billion-a-month bond buying programme.
US retail sales data are released later Tuesday. There will also be releases later in the week on housing starts, US industrial production and inflation. (AFP)
