Global oil prices edged lower again to drop below $75 a barrel mark in Asian trade Friday after an overnight recovery owing to mixed US and Europeean economic data.
Light sweet crude for November delivery was seen trading at $ 74.94 a barrel at 12.30 p.m Singapore time while Brent crude was at $77.75 a barrel in London.
Analysts said the black gold lost most of its overnight gains on investor concerns after equities fell while risk haven currencies rose on negative US employment and housing data
They added that oil is likely to remain under pressure amid mixed US and Europe economic data s that might check investor sentiment across markets.
US Labour Department on Thursday said initial claims for jobless aid rose by 12,000 last week to a seasonally adjusted 465,000.
Investors will be watching closely the latest news on durable goods and new home sales later Friday for more clues about the strength of the U.S. economy.
The dollar strengthened against a basket of currencies on Friday, after hitting its lowest against the Japanese yen since last week's intervention.
In other Nymex trading in October contracts, heating oil fell 0.28 cent to $2.112 a gallon and gasoline was steady at $1.917 a gallon. Natural gas held at $4.025 per 1,000 cubic feet.
On Thursday, light sweet crude for November closed at $75.18 a barrel while Brent crude for delivery in November ended at $77.95 a barrel.
Light sweet crude for November delivery was seen trading at $ 74.94 a barrel at 12.30 p.m Singapore time while Brent crude was at $77.75 a barrel in London.
Analysts said the black gold lost most of its overnight gains on investor concerns after equities fell while risk haven currencies rose on negative US employment and housing data
They added that oil is likely to remain under pressure amid mixed US and Europe economic data s that might check investor sentiment across markets.
US Labour Department on Thursday said initial claims for jobless aid rose by 12,000 last week to a seasonally adjusted 465,000.
Investors will be watching closely the latest news on durable goods and new home sales later Friday for more clues about the strength of the U.S. economy.
The dollar strengthened against a basket of currencies on Friday, after hitting its lowest against the Japanese yen since last week's intervention.
In other Nymex trading in October contracts, heating oil fell 0.28 cent to $2.112 a gallon and gasoline was steady at $1.917 a gallon. Natural gas held at $4.025 per 1,000 cubic feet.
On Thursday, light sweet crude for November closed at $75.18 a barrel while Brent crude for delivery in November ended at $77.95 a barrel.
