Singapore: Oil prices retreated in Asia trade today after threatening the symbolic $100 level as concerns over tight supplies continued to support the market, dealers said.

In early morning trade New York's main contract, light sweet crude for January delivery, fell $1.02 to USD 96.68 a barrel from USD 97.70 in late US trades yesterday.

The January contract rose above $99 in US trading yesterday, spiking close to its intraday record of 99.29 set on November 21 before fading. Brent North Sea crude for January delivery slipped 91 cents to 94.4.

Source : PTI