Oil prices edge lower

Oil prices edged lower on Tuesday but remained near multi-year highs, supported by a global supply shortage and strong demand in the United States, the world's biggest consumer.

Brent crude was down 55 cents, or 0.6 per cent, at $85.44 a barrel by 0922 GMT. US oil dropped 56 cents, or 0.7 per cent, to $83.20.

"There was no specific reason for the price slide... The fact that the market remains tight should drive prices up," said Commerzbank analyst Carsten Fritsch.

Goldman Sachs said Brent was likely to push above its year-end forecast of $90 a barrel, while Larry Fink, chief executive of the world's largest asset manager BlackRock, said there was a high probability of oil reaching $100. read more.