Oil was down in Asian trade on Wednesday as investors moved in to take profits following a rally that took the commodity to two-year highs. New York's main contract, light sweet crude for February delivery, dipped 38 cents to 89 dollars per barrel. Brent North Sea crude for February was down 49 cents at 93 dollars 4 cents. Oil prices were also hampered by a late rebound in the US currency, which makes dollar-priced crude more expensive for buyers using weaker currencies. In turn, that tends to dent demand and prices. But the price decline is seen limited as demand is expected to pick up amid growing optimism for the global economy, especially for the US, the world's biggest oil consumer.