Oil was down in Asia today as traders waited for the release of the latest energy inventory report from the United States. Analysts said, weak demand and surging crude stockpiles in the world's biggest economy have put downward pressure on prices and limited gains.New York's main contract, West Texas Intermediate light sweet crude for delivery in July, dropped 42 cents to 95.76 US Dollars a barrel and Brent North Sea crude for July delivery shed 32 cents to 103.59 dollars a barrel.Dealers are also waiting for testimony in Congress later today by Federal Reserve chief Ben Bernanke on the US economy. Global markets will closely watch Bernanke's statements for an indication on when the Fed will start winding down its massive bond-buying programme to boost the economy.