Oil prices lower

		Oil was lower in Asian trade as investors took profit after prices shot up to their highest level in a year last week. -- PHOTO: AP

SINGAPORE - OIL was lower in Asian trade on Monday as investors took profit after prices shot up to their highest level in a year last week, analysts said.

New York's main contract, light sweet crude for December delivery dropped 54 cents to US$79.96 (S$111.39) a barrel. Brent North Sea crude for December delivery eased 46 cents to US$78.46 a barrel.

New York crude hit US$82 on Wednesday, its highest level since October 14, 2008 as the dollar slumped, boosting the appetite of investors holding stronger foreign currencies.

A weak US currency usually boosts crude prices because holders of stronger foreign units then find it cheaper to invest in dollar-denominated oil futures.

The price declines are expected to be limited as the dollar is likely to stay weak, analysts said. 'Over the medium term, the US dollar is still set to depreciate further,' analysts from Singapore's DBS bank said in a report.

A slew of key US economic data due out this week, including third quarter growth figures for the world's biggest economy, is also expected to have an impact on crude prices, analysts said. -- AFP