Oil, Euro slip in Asia trading

Crude prices slipped in Asia Wednesday with traders taking profit from an unexpected overnight rally sparked by Iranian sabre-rattling against a European oil embargo. New York's main contract, light sweet crude for delivery in August fell 55 cents to $87.11 a barrel and Brent North Sea crude for August delivery shed 61 cents to $100.07. Crude traders were reaping a quick profit after a price surge of more than $3.00 in late New York trade Tuesday, said analysts. Meanwhile, the euro weakened against other major currencies in Asian trade before a European Central Bank policy meeting, amid expectations that the bank will chop its key interest rate. The common currency was quoted at $1.2593 and 100.44 yen in Tokyo afternoon trade, down from $1.2607 and 100.64 yen in New York late Tuesday.