Oil down in Asia after Bernanke speech

Crude oil prices fell in Asia on Monday, with traders disappointed after US Federal Reserve chief Ben Bernanke failed to confirm stimulus measures during a closely-watched speech, analysts said. New York's main contract, light sweet crude for delivery in October, shed seven cents to $96.40 a barrel in the afternoon and Brent North Sea crude for October fell 15 cents to $114.42. Crude markets were digesting Bernanke's speech at a central bankers' summit in Jackson Hole, Wyoming, on Friday, where he defended the Fed's interventions of the past four years and signalled he would be pushing for more when its policy board meets in 12 days. Bernanke said: “The economic situation is obviously far from satisfactory.” He added that the Fed would provide additional policy accommodation “as needed” for growth in the world's biggest oil-consuming country. IG Markets said in a report: “Bernanke disappointed with no confirmation of QE3 or details about its timing.” But the price fall was limited as the speech “was very monetary policy-heavy which many viewed as paving the way for another round of asset purchasing soon.”