NYMEX crude falls in early Asia trade on profit taking

        Crude oil prices slipped in early Asian trade Tuesday, giving back some of the gains overnight after talks between Iran and Western failed to reach an agreement that could ease sanctions on crude exports.

On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at USD94.95 a barrel, down 0.20%, in Asia. The commodity hit a session low of USD94.12 and a high of USD95.38.

Trade sanctions slapped on Iran because of its alleged nuclear ambitions have taken out more than 1 million barrels per day of oil from the global market and were a centerpiece of weekend  talks among the U.S., Russia, China, Britain, Germany, France and Iran.

In Asia on Tuesday, the focus is on any new policies announced in the energy sector following the conclusion of a meeting of Chinese leaders over the past several days held to set social and economic policy goals. Of particular interest is any timetable for full convertibility of the yuan and moves to open upstream oil and gas exploration to foreign investors.

On the ICE Futures Exchange, Brent oil futures for December delivery ended up 1.19 to $106.37 a barrel on Monday. - investing.com