Oil futures declined modestly in Asia following Tuesday's price jump in U.S. trading to their latest 2 1/2-year highs, an increase caused by a pipeline explosion in Libya.
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--February light, sweet crude on the New York Mercantile Exchange was recently down 0.4% at $59.72 a barrel in the Globex trading session. February Brent fell 0.5% to $66.71.
--The pipeline blast was a reminder of the headline risk now facing the oil market with OPEC-led production caps remaining in place for 2018 as oil inventories have started falling globally. A 5th-straight weekly drop is anticipated to be reported by the US latest this week, according to a survey of analysts by S&P Global Platts.
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(END) Dow Jones Newswires
December 26, 2017 23:33 ET (04:33 GMT)