Oil prices down in Asian trade

Oil prices retreated in Asian trade on Wednesday amid doubts of effectiveness of new US stimulus packages, especially following comments by Charles Plosser, president of the Federal Reserve's Philadelphia branch. New York's benchmark contract, West Texas Intermediate crude for November delivery, was down 33 cents to reach USD 91.04 barrel earlier on Wenesday, while Brent North Sea crude for November dipped 49 cents reaching USD 109.96 pb. Plosser's comments appeared to spark a broad selloff last night (late on Tuesday). His comments are seriously considered due to his influential status in the field. Analysts expressed doubts about economics effect of Bond-Purchase Program that was announced earlier this month. Oil trades witnessed lowest levels in seven weeks following the report of the American Petroleum Institute issued last night about hike of US crude supplies, rising by 335,000 barrels for the third consecutive week. US oil stocks increased to 361.8 barrel last week, considered the highest since August 24. Wednesday Oil trades are the lowest since August 2, down by 1.8 percent since the beginning of 2012. Weekly report of US Energy Information Administration (EIA) due today is expected to reveal a hike of 1.9 million barrel. Gasoline supplies hit 112.000 barrel last week, unlike what expectations predicted of a total of 500.000 barrel, while heating oil and diesel supplies retreated by 483.000 barrel while they were expected to reach 500.000 barrel.