Oil slips to near $87 as Iran tensions simmer

Oil prices fell slightly to near $87 a barrel Wednesday in Asia, giving back some of the big gain from the previous day amid growing tension between Iran and Western powers.

World oil prices slipped on Wednesday, but held close to 87 dollars as traders geared up for the weekly energy inventories report in the United States, analysts said.New York's main contract, light sweet crude for delivery in May, dropped 34 cents to 86.50 dollars a barrel.London's Brent North Sea crude for May fell 17 cents to 85.98 dollars per barrel."The oil price is holding up well and has been defending its very high price level," said Commerzbank analyst Carsten Fritsch in a note to clients.

SINGAPORE (Reuters) - Brent crude futures sli

Oil prices bobbed above $77 a barrel Tuesday in Asia as Iran's detention of five British sailors threatened to raise tensions between a major crude exporter and Western powers.

Oil prices extended gains above $77 a barrel Wednesday after surging the previous day amid a weaker dollar, rising stock markets and expectations a growing U.S. economy will fuel increased crude demand.

Oil prices extended gains above $77 a barrel Wednesday in Asia after surging the previous day amid expectations a growing U.S. economy will fuel increased crude demand.