November 12, 2010 11:15 AM

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Crude oil falls in Asian trade

Crude fell in Asian trade today as a firmer dollar discouraged investors from buying oil futures.New York's main contract, light sweet crude for December delivery fell 96 cents to 86.85 dollars a barrel.Brent North Sea crude for December delivery dropped 69 cents to 88.12 dollars a barrel.Crude prices have risen in recent sessions, pressured by the weak dollar.Meanwhile, OPEC on Thursday revised upward its world oil demand growth estimates for this year and 2011 amid cautious optimism about the global economic outlook.The Organisation of the Petroleum Exporting Countries OPEC said it was penciling in world oil demand growth of 1.3 million barrels a day for 2010, up 190,000 barrels from its previous estimate. OPEC pumps 40 per cent of the world's crude.

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