Oil down on profit-taking, French rating cut

Oil fell in Asia Tuesday as traders engaged in profit-taking following a huge surge the previous day, with Moody's downgrade of French government bonds contributing to the slide, analysts said.

New York's main contract, light sweet crude for delivery in January, slid 24 cents to $89.04 a barrel in the afternoon and Brent North Sea crude for January delivery fell 16 cents to $111.54.

Oil surged more than $2 on Monday as violence intensified in the Israel-Gaza conflict, sparking fresh concern about supplies from the crude-rich Middle East.

Israeli strikes killed 32 Palestinians, taking the Gaza death toll to 109 as UN chief Ban Ki-moon joined efforts to end the worst violence in four years.

In Europe, France came under fresh pressure after Moody's became the second of the three major ratings agency to downgrade its top rating.

"Today there's a bit more of a risk-off theme with the French downgrade and a bit of profit-taking on the back of yesterday's big move," said Jason Hughes, head of premium client management for IG Markets Singapore.

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    Currencies
    NamePriceChange% Chg
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    EURSGD=X
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    SGDJPY=X
    6.1905+0.0004+0.01%
    SGDHKD=X
    2.5850+0.0002+0.01%
    SGDMYR=X
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    AUDSGD=X
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    GCQ14.CMX
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    CLK14.NYM
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