Oil prices slip to below $46 in Asia

Oil prices retreated to
below $46 a barrel Friday in Asia after a strong rally overnight, Associated Press reported.
Light, sweet crude for January delivery fell $2.38 to
$45.60 a barrel in electronic trading on the New York
Mercantile Exchange by midafternoon in Singapore.
Overnight, the contract surged $4.46, or 10 percent, to settle at $47.98.
Oil prices have fallen 70 percent since peaking at $147.27
in July.
In other Nymex trading, gasoline futures fell 3.8 cents to
$1.0400 a gallon. Heating oil dipped 4.2 cents to $1.4645 a
gallon and natural gas for January delivery lost 10.2 cents
to $5.496 per 1,000 cubic feet.
In London, January Brent crude fell $1.85 to $45.54 a
barrel on the ICE Futures exchange.