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Oil was up in Asia today as cautious traders waited for the release of US jobs data for March, analysts said.
New York’s main contract, West Texas Intermediate light sweet crude for delivery in May, added 18 cents to $93.44 a barrel and Brent North Sea crude for May increased 16 cents to $106.50 in mid-morning trade.
Oil prices had fallen in New York yesterday in the wake of unexpectedly high US jobless claims and concerns about a supply glut in the world’s largest economy and energy consumer.
“Prices have ticked up a little, but the market is really pretty quiet and holding steady,” said Ric Spooner, chief market analyst at CMC Markets in Sydney.
“Traders are fairly cautious prior to the release of US payrolls figures. They are waiting to add that to the equation before reacting either positively or negatively,” he said.
The US Labor Department will release its jobs and unemployment report later on Friday. Most analysts have pencilled in US jobs growth of 192,000 in March, down from a February spike of 236,000.
The unemployment rate was expected to hold unchanged at 7.7 per cent for a second straight month.
Official data yesterday showed new claims for unemployment benefits totalled 385,000 in the week ending March 30, up 28,000 from the prior week. Analysts had expected the claims to fall.
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