Oil slips

Singapore : Oil prices eased on Wednesday as the possibility of higher OPEC output weighing on the market, although geopolitical risks are expected to keep prices near multi-year highs.

Brent futures fell 37 cents, or nearly 0.5 percent, to $79.20 a barrel by 0636 GMT, after climbing 35 cents on Tuesday.

Last week, the global benchmark hit $80.50 a barrel, the highest since November 2014. U.S. West Texas Intermediate (WTI) crude futures eased 21 cents, or nearly 0.3 percent, to $71.99 a barrel, having climbed on Tuesday to $72.83, also the highest since November 2014.

"It looks like the market is pausing at current levels," said Michael McCarthy, Chief Market Strategist at brokerage CMC Markets.

"If sanctions are introduced against Iran, most of the OPEC producers would like to be pumping more oil, particularly giving the higher prices.