Oil fell in Asian trade today as investors took profits from sharp gains the previous day on hopes Greece would avert a default on its massive debt and stronger US energy demand.
New York's main contract, West Texas Intermediate for delivery in August, was down 19 cents to $92.70 a barrel in morning trade after rising by $2.28 yesterday.
Brent North Sea crude also for August dipped 33 cents to $108.45 after leaping $2.79 the day before.
Despite a general strike and street protests, traders were hopeful that the Greek parliament would pass the tough measures required under an International Monetary Fund- European Union bailout of the country when it meets yesterday.
"The market is cautiously optimistic that the Greek parliament will approve... [an] austerity package to secure the next tranche of EU-IMF aid to avoid a default on its debt," DBS Bank said in a market commentary.
Crude oil stocks fell 2.7 million barrels in the week to June 24, bigger than analysts' forecast for a drawdown of 1.4 million barrels.
A thinning of crude stocks indicates stronger demand in the United States, the world's biggest economy and its largest oil-consuming nation.
