SINGAPORE (Commodity Online) : Global oil prices eased below $76 a barrel in Asian trade Wednesday mainly on concerns about weaker economic growth in the US.

Light sweet crude for January delivery was seen trading at $75.94 a barrel t 11.30 a.m Singapore time while Brent crude was slightly higher at $76.65 a barrel at the same time.

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On Tuesdays, January delivery fell $1.54, or two per cent, to settle at $76.02 a barrel. In London, Brent crude settled down $1.00 at $76.46 a barrel.

Oil declined to a five-week low Tuesday after the Commerce Department said the U.S. economy expanded at a 2.8 percent annual rate in the third quarter, down from a prior estimate of 3.5 percent.

A slower recovery from the worst US recession in seven decades may hurt demand for crude. The world’s largest economy grew at an annual rate of 2.8 per cent last quarter, the Commerce Department said, revising downward its earlier estimate of 3.5 per cent growth.

US Energy Department’s report on supplies in the week ended Nov. 20 is due later Wednesday.

The Organization of Petroleum Exporting Countries meets on Dec. 22 in Luanda, Angola, to discuss production targets. The group agreed at its Sept. 9 meeting in Vienna to maintain production quotas at 24.845 million barrels a day.

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