SINGAPORE - Oil dipped slightly in Asian trade Tuesday as Greece's credit standing suffered another knock, which offset positive European industrial production numbers, analysts said.

New York's main futures contract, light sweet crude for delivery in July, slid seven cents to $75.05 a barrel.

Brent North Sea crude for July delivery -- which expires later Tuesday -- eased a cent to $75.19.

Oil prices were restrained by the Moody's downgrade of debt-laden Greece's sovereign rating to "junk" status on Monday, said Victor Shum, senior principal of the Purvin and Gertz energy consultancy in Singapore.

"What happened was really the market was reacting to the news that Moody's downgraded Greece's government's credit ratings to junk, therefore the market has pulled back moderately reacting to that," he said.

However, Shum said the dip was limited as "most market participants really expected that... it was not really taken by surprise".

Stronger-than-expected numbers for industrial production released by the European Union on Monday would also keep oil prices above 75 dollars, he said.

Eurozone industrial output jumped 0.8% in April from March, nearly double the gain expected by analysts.

"Those better industrial production numbers helped to push oil pricing above $75," Shum said.