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Oil prices were mixed in Asian trade today as investors await the release of US jobs data, while severe winter weather in the country lifted the demand for heating fuel and lent support to prices.
New York’s main contract, West Texas Intermediate (WTI) crude for March delivery, eased 12 cents to $97.72 in late-morning trade, while Brent North Sea crude for March delivery rose 18 cents to $107.37.
WTI crude had at one point yesterday hit a peak of $98.83, its highest level this year, due to buoyant mood ahead of today’s jobs figures.
Kenny Kan, market analyst at CMC Markets in Singapore, said that the prices remain supported by hopes that the non-farm payrolls report will signal “an improvement of the economic outlook’’.
Investors were also given a lift by data showing new claims for US unemployment insurance benefits, which indicate the pace of layoffs across the economy, fell last week.
Market watchers expect today’s data to show a rebound from December’s surprisingly poor jobs growth, predicting that 175,000 net new posts were generated in January, with the unemployment rate holding at 6.7 per cent.
Crude prices have been bolstered in recent weeks by strong demand for heating oil in the US as the country is battered by unusually frigid winter weather, analysts said.
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