Oil down

Oil prices were lower in Asia Thursday as traders took stock of weak fundamentals in the market, analysts said. New York's main contract, light sweet crude for December delivery, shed 70 cents to 79.70 dollars a barrel in afternoon trade. Brent North Sea crude for December delivery slipped 68 cents to 78.21 dollars. Prices eased after breaking through the 80- dollar mark in New York on Wednesday, reflecting concerns over demand, analysts said.