Oil Price Around $98

Oil retreated below $98 in Asia trade on Thursday after rising to within striking distance of the symbolic 100-dollar level.

Dealers said investors were taking a cautious stance to protect their positions since US financial markets were closed on Thursday for the Thanksgiving holiday.

In early morning trade, New York's main contract light sweet crude for January delivery rose three cents to 97.32 dollars a barrel from 97.29 dollars in late US trades Wednesday.