Crude oil traded near $73 a barrel, after slipping 6.8 percent in the previous four days, on concern that slowing economic growth in the U.S. and China will limit fuel demand. Oil erased gains made earlier today when investors purchased futures on perceptions the market fell too far, too fast. The U.S. may have shed 130,000 jobs in June, according to a Bloomberg survey of economists ahead of a government report on non-farm payrolls today. China and American yesterday reported slowing manufacturing expansions. “Pretty much everyone is waiting for the non-farm payrolls,” said Clarence Chu, a trader at options dealer Hudson Capital Energy in Singapore. “Everyone is expecting a pullback. The big picture is bearish. Yesterday all the macro numbers were down.” Crude oil for August delivery was at $73.18 a barrel, up 23 cents, on the New York Mercantile Exchange at 3:14 p.m. Singapore time. The contract earlier rose as much as 43 cents, or 0.6 percent, to $73.38 a barrel. It fell $2.68 yesterday to $72.95, the lowest settlement price since June 8. The market’s four-day drop through yesterday was the longest pullback since May 18. Oil is poised for a decline of 7.2 percent for the week, the biggest slump since the week ended May 7. Futures lost 9.7 percent in the three months ended June 30, the first quarterly decline since 2008. Crude also declined as Asian stocks fell after Goldman Sachs released a report saying Chinese economic growth will drop to “8 percent or below” in the second half of the year. The MSCI Asia Pacific Index was down 0.4 percent to 111.59 as of 2:53 p.m. Singapore time. The measure has fallen 3.6 percent this week, the most since the period ended May 21. Brent crude for August was at $72.50 a barrel, up 16 at 3:07 p.m. Singapore time on the London-based ICE Futures Europe exchange. The contract earlier rose as much as 49 cents, or 0.7 percent to $72.83. Yesterday, it slipped $2.67, or 3.6 percent, to end the session at $72.34, also was the lowest settlement since June 8. Crude oil may fall next week as data on manufacturing, jobless claims and home sales bolster concern the U.S. economic recovery is faltering, a Bloomberg News survey showed. Twenty of 38 analysts, or 53 percent, forecast crude oil will decline through July 9. Ten respondents, or 26 percent, predicted that futures will be little changed and eight saw an increase. Last week an equal number of analysts forecast a gain or drop. To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net

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