Oil prices dipped in Asian trade Tuesday ahead of a meeting between the German and French leaders on how to deal with the eurozone's widening debt crisis.
New York's main contract, West Texas Intermediate crude for delivery in September, fell 62 cents to $87.26 a barrel in afternoon trade.
Brent North Sea crude for September was down 49 cents to $109.42.
'Investors will be waiting for details on the eurozone meeting and the eurozone second-quarter GDP figures,' said Ker Chung Yang, an analyst at Phillip Futures in Singapore.
French president Nicolas Sarkozy will host German Chancellor Angela Merkel on Tuesday in Paris to produce a road map for the 17-nation eurozone as it battles its growing sovereign debt crisis.
Merkel and Sarkozy lead the eurozone's two biggest economies and markets have been watching anxiously to see whether they will agree a plan to boost fragile confidence.
On Monday, the finance ministers of Britain, Australia, Canada, Singapore and South Africa said in a statement that the world was facing a crisis of confidence and needed a global response.
Source : New Age
