WSJ:OIL FUTURES: Crude Prices Mixed, Focus On US Payrolls Data
--Oil futures trade in narrow range after Greek debt news met expectations
--US nonfarm payrolls report eyed for further clues on future demand for oil
--Swings in oil prices are unlikely until the report, analysts say
By Konstantin Rozhnov
Of DOW JONES NEWSWIRES
LONDON (Dow Jones)--Crude oil futures were mixed Friday ahead of the key U.S. nonfarm payrolls report for February and after the Greek debt news proved to be broadly in line with market expectations.
At 1052 GMT, the front-month April Brent contract on London's ICE futures exchange was 32 cents, or 0.3%, lower at $125.12 a barrel. The front-month April contract on the New York Mercantile Exchange was trading up 29 cents, or 0.3%, at $106.87 per barrel.
The Greek government announced earlier Friday it had secured enough commitments from private bondholders to implement a debt restructuring--with the outcome already priced in by the market, analysts said.
"Greece successfully closed a bond swap offer aimed at reducing its debt, easing the threat of an immediate default, but prolonging Europe's struggle to find ways out of its debt dilemma," JBC Energy said in a note.
Fears that the sovereign debt crisis in the euro zone could cut demand for oil have been pressuring oil prices for months.
"Greece seems to be out of the way, [and] the market moved on to focus on the next big thing - the U.S. nonfarm payrolls report," said Ole Hansen, manager of futures & fixed-income trading at Saxo Bank.
The February report, due at 1330 GMT, will shed further light on the economic health of the world's largest oil consumer.
"Improved income prospects could give rise to hopes of growing demand in the U.S... and thus give additional buoyancy to the oil price," Commerzbank said in a note.
Swings in oil prices are unlikely until the report is out, said Olivier Jakob, managing director at Swiss consultancy Petromatrix.
Macro-economic news from China earlier Friday provided support to oil futures. The world's second-largest oil consumer said inflation slowed sharply in February, giving China an option to implement more economy-boosting measures.
At 1052 GMT, the ICE's gasoil contract for March delivery was down $5.25, or 0.5%, at $1,027.50 per metric ton, while Nymex gasoline for April delivery was 47 points, or 0.1%, lower at $3.3093 per gallon.
-By Konstantin Rozhnov, Dow Jones Newswires; +44 207 842 9956; konstantin.rozhnov@dowjones.com
