Saturday, November 6, 2010

Oil Down in Asian Trade

 Oil Down in Asian TradeLatest News Updates Oil Down in Asian Trade, Oil prices fell below 75 dollars in Asian trade as traders took  profit from gains made the previous day and braced for an expected weak  US employment numbers, analysts said.

New York’s main contract, light sweet crude for October delivery, fell 26 cents to 74.76 dollars a barrel.


Brent North Sea crude for October delivery, shed 35 cents to 76.58 dollars.


Traders were taking profit from a hike in crude prices on Thursday ahead  of the release of the monthly US jobs report later Friday, said Victor  Shum, senior principal of Purvin and Gertz energy consultants in  Singapore.





“I think that given the rise in pricing yesterday… we are seeing some  pullback due to the next big economic report that’s going to come out of  the US, which is the jobs report,” he said.


Shum added that there were “concerns” that the report would highlight the flagging state of the US economic recovery.


The US Labor Department is widely expected by analysts to report  non-farm payrolls — combining both government and private jobs — to  shrink by 120,000 in August, with unemployment edging up to 9.6 percent  from 9.5 percent rate.


Shum said the disruption of Americans’ vacation plans in the last week  of the summer driving season due to Hurricane Earl, which was bearing  down on the US East Coast, would also weigh down crude markets.

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