Oil Prices Mixed in Asia

By webadmin on 09:52 am Aug 10, 2012
Category Archive

Crude was mixed in Asia Friday, with positive US jobs data providing support to prices but a stronger greenback weighing them down, analysts said.

New York’s main contract, light sweet crude for delivery in September, rose a cent to $93.37 a barrel while Brent North Sea crude for September delivery fell four cents to $113.18.

“Despite the optimism over US employment, a strong US dollar kept a lid on prices,” IG Markets said in a report.

Official data Thursday showed weekly US jobless claims fell to 361,000 — a sign of moderate strength in the world’s biggest economy and largest oil consumer’s employment market, despite a second-quarter lull in hiring.

However, a stronger greenback was preventing dollar-priced crude from making more gains as it was deterring traders using other currencies such as the euro.

The single currency bought $1.2295 in early Asian trade compared to $1.2301 in the US late Thursday.

Agence France-Presse