Oil prices edged down today as analysts await key US fuel stocks data, and stability in Venezuela following President Mr Hugo Chavez's return to power.
Benchmark US light crude slid seven cents at $24.50 a barrel in Asia, marginally below yesterday's $1.10 rally in New York.
Prices are 13 per cent under recent six-month highs struck above $28 a barrel that raised fears of an oil spike that might derail economic recovery by pushing up gasoline prices during the peak summer holiday period.
Near-term direction was likely to come from a fresh round of data on the health of US oil stocks, due to be released after the close of business in New York later today.
Analysts forecast the American Petroleum Institute (API) to report slim falls for crude, gasoline and distillate inventories.
The last API data showed US tanks to April 5th near highs not seen in three years as stocks grew by more than four million barrels, leaving a surplus of over 18 million barrels over last year.
This week, analysts forecast crude inventories to decline two million barrels, with falls of one million barrels in gasoline and 600,000 barrels in distillates stocks.
They said any disruptions to Venezuelan supplies due to last week's general strike in the country would not show up in the new API figures, which cover the seven days to April 12th.