Oil prices were mixed in Asia today as dealers await the release of crucial US jobs data later in the day, analysts said.
New York’s main contract, West Texas Intermediate crude for delivery in July, dropped five cents to $94.71 a barrel and Brent North Sea crude for July added seven cents to $103.68.
Prices rose yesterday, boosted by expectations of stronger demand in the US and a weaker US currency, which makes the dollar-priced commodities cheaper.
“Traders are basically positioning themselves for US non-farm payrolls data after last night’s levels. That’s driving the market right now,” Ric Spooner, chief market analyst at CMC Markets in Sydney, said.
US jobs data
The US jobs data for May from the Department of Labor will give some idea of the state of the economy and provide some clues as to how and when the Fed will begin to pull reel in huge monetary easing programme.
Oil prices have been given some support after the Department of Energy on Wednesday said that stockpiles in the United States plunged 6.3 million barrels in the week ended May 31, much more than the average 400,000 which analysts expected.