Oil was down in Asian trade on Wednesday due to weaker US energy demand and as traders locked in profits from the previous day's gains. New York's main contract, light sweet crude for July delivery, lost 57 cents to 99 dollars and 2 cents a barrel, while Brent North Sea crude for the same month dipped 82 cents to 111.71 dollars. Data by the American Petroleum Institute showed that crude inventories last week fell less than what the market had expected. Analysts said, oil prices remain on an upward trend, partly due to the continuing turmoil in the crude-producing Middle East and North Africa region. Goldman Sachs estimated Brent oil would hit 130 dollars a barrel over the next 12 months.