Oil near $92 in Asia

Oil prices fell to near $92 a barrel Tuesday in Asia amid signs that last week''s optimism about Europe''s debt crisis plan may have been overblown. Benchmark crude for December delivery was down 70 cents at $92.49 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract slipped 13 cents to settle at $93.19 in New York on Monday. Brent crude was down 25 cents at $109.31 a barrel on the ICE Futures Exchange in London. Crude has jumped from $75 on October 4 amid expectations of a European plan to contain Greece''s debt crisis. Last week, EU policymakers said they agreed to lower Greece''s debt level over the next decade and also asked bondholders to accept 50 percent losses, sending stocks and commodities higher. But the plan lacked key details and investors are worried weak economic growth in Europe could undermine fiscal and debt targets. "Last week''s initial market response to the eurozone plan appeared outsized in relation to the limited details that accompanied the announcement and as a result, the markets are retracing much of last week''s price up spike," energy consultant Ritterbusch and Associates said in a report. Traders were also spooked by the bankruptcy of MF Global, a securities firm headed by former New Jersey Gov. Jon Corzine. Rating agencies downgraded the company last week, worried that it holds too much European debt. In other Nymex trading, heating oil fell 1.8 cents to $3.04 per gallon and gasoline futures slid 1.5 cents to $2.59 per gallon. Natural gas dropped 0.7 cent to $3.93 per 1,000 cubic feet.(