IND: Oil prices fell amid investors trying to gauge from US jobs data
With investors turning cautious of the US jobs data which is expected later in the day that would influence Federal Reserve’s decision on the timing of rate hike, Asian trade witnessed benign oil prices on Friday, according to media reports.
The U.S. non-farm payroll and unemployment data for August is due for release at 1230 GMT.
Since China markets were shut owing to a holiday to commemorate the end of World War II, oil remained in a narrow range in thin trading, stated the report.
There was a decline of 21 cents to $50.47 a barrel in Brent Crude for October delivery, as of 0156 GMT, after ending the previous session 18 cents higher, the report said.
U.S. crude for October delivery was down 20 cents at $46.55 a barrel, after settling 50 cents higher in the previous session, as per the report.
Investors are also keeping an eye on U.S. oil rig data due later on Friday and any drop in rig numbers could boost oil’s price outlook. Holders of other currencies would find oil and other dollar-priced commodities owing to a stronger dollar, which is threatening, added the report.
