US oil prices were nearly unchanged today, hovering below $108 per barrel, as traders awaited a key jobs report out of the US.
Benchmark crude for September delivery fell 2 cents to $107.87 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.86 a barrel yesterday to close at $107.89 per barrel in New York.
Brent crude, traded on the ICE Futures exchange in London, fell 22 cents to $109.32 a barrel.
US oil prices rose early in Asia, fueled by the same optimism that pushed Wall Street to new highs last night.
This followed the release of data that showed US manufacturing jumped to 55.4 in July, up from 50.9 in June and well above an expected reading of 51.8. A number above 50 indicates growth.
US hiring figures for July will be released later this afternoon and then examined for hints about future energy demand in the world's number one economy.
