Reply #2: Oil above $109 ahead of key crude demand reports

[Pale Blue Dot]

SINGAPORE – Oil prices dropped to above $109 a barrel Tuesday in Asia, extending losses from the previous session ahead of key reports on the impact of rising fuel costs on global crude demand.

Benchmark crude for May delivery was down 49 cents at $109.43 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract lost $2.87 to settle at $109.92 on Monday.

In London, Brent crude for May delivery was down 31 cents to $123.67 a barrel on the ICE Futures exchange.

Investors later Tuesday will be closely watching the latest reports on global crude supply and demand from the Organization of Petroleum Exporting Countries, the International Energy Agency and the Energy Department's Energy Information Administration. MasterCard SpendingPulse also will release its latest survey of retail gasoline demand in the U.S.

http://news.yahoo.com/s/ap/oil_prices