Oil mixed in Asian trade

SINGAPORE: Oil was mixed Wednesday in Asian trade ahead of a key US oil inventory report, amid simmering tensions over Iran's nuclear programme, analysts said.

New York's main contract, light sweet crude for January delivery, dropped 29 cents to 78.08 dollars a barrel. Brent North Sea crude for January delivery was flat at 79.35 dollars a barrel. Both contracts had closed higher Tuesday.

A report from the American Petroleum Institute indicated weaker demand in the United States Tuesday. It said oil inventories rose by 2.9 million barrels, gasoline stocks were up 3.4 million barrels and distillates up by 1.1 million barrels in the week to November 27.