Oil slip continues in Asia

The downward trend in oil prices still pertains for the second consecutive day in wake of the reports about slow pace in US economic recovery. Light sweet crude oil for July delivery settled down by $76.45 cents a barrel with a decrease of 34 cents. London Brent North Sea delivery contracts down by 8 cents at $78.60 cents per barrel. Suspicions about US economic recovery increased demand of oil supply which resulted into decrease in the oil rates.