Oil prices lower on concerns over Greece

SINGAPORE: Oil prices were lower in Asian trade Friday as a bailout deal for debt-strapped Greece was once again put off, analysts said.

New York's main contract, West Texas Intermediate (WTI) light sweet crude for delivery in March, shed 42 cents to $98.42 a barrel and Brent North Sea crude for March was down 19 cents to $118.40 in morning trade.

"Prices have dipped... on news that the Greek bailout deal is once again delayed," said Victor Shum, senior principal at Purvin and Gertz international energy consultants in Singapore.

"There still isn't sufficient confidence in the eurozone that the austerity measures taken by Greece will hold up," he told. (AFP)