Singapore - Oil prices fell in Asia on Wednesday ahead of the release of a report on US crude inventories and as traders kept an eye on the crisis in crude exporter Libya, analysts said.
US benchmark West Texas Intermediate fell 14 cents to $53.39 while Brent fell 13c to $62.40 in late-morning trade.
"Traders are book-squaring in the likely case that the US stockpiles report shows deficiencies," said Ric Spooner, market analyst at CMC Markets in Sydney.