Oil prices slip in Asian trade

Oil prices fell in Asian trade on Tuesday in line with a sell-off in regional equities, analysts said, largely due to political concerns in Spain and Italy. New York's main contract, light sweet crude for delivery in March dropped nine cents to $96.08 a barrel in the afternoon and Brent North Sea crude for March shed 41 cents to $115.19. Stock markets, which have enjoyed several weeks of healthy gains owing to rising confidence in the global economy, slumped on Tuesday after Spanish Prime Minister Mariano Rajoy came under pressure to step down as he becomes engulfed in a corruption scandal. And former Italy premier Silvio Berlusconi vowed to throw a spanner in the works of a government austerity drive, saying he would refund the money Italians have had to pay for an unpopular property tax if his coalition, headed by his protege Angelino Alfano, wins a poll this month.