Oil prices retreat in Asia

Singapore
Oil prices retreated in Asia Wednesday as traders focus on a US crude stockpile report, a day after growing concerns over China´s economy sparked a massive sell-off in shares of commodity firms.
As Asian stocks recovered from Tuesday´s rout, oil prices remain under pressure because demand growth continues to fall behind crude supply, analysts said.
US benchmark West Texas Intermediate (WTI) for November delivery fell 28 cents to $44.95 and Brent crude dropped 20 cents to $48.03 a barrel in afternoon trade.
Both contracts closed higher on Tuesday after sinking on Monday along with equities following dismal industrial data that reignited doubts about China´s commodity-hungry economy.
"At the end of the day, the fundamentals of supply and demand remain intact," said Daniel Ang, an investment analyst with Phillip Futures in Singapore.