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Oil prices dip, investors wait on cues from U.S. jobs data

Published 2015-09-03, 10:29 p/m
© Reuters. Oil prices dip, investors wait on cues from U.S. jobs data
BNPP
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LCO
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CL
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By Keith Wallis
SINGAPORE, Sept 4 (Reuters) - Oil prices eased in Asian
trade on Friday as investors turned cautious ahead of U.S. jobs
data later in the day which is expected to play into the Federal
Reserve's decision on the timing of any U.S. rate hike.
Oil stuck to a narrow range in thin trading, with Chinese
markets closed as second day for a holiday to commerate the end
of World War Two.
"There's been a little bit of up and down and range-bound
movement which has all the hallmarks of a market marking time,"
said Ben Le Brun, market analyst at Sydney's OptionsXpress.
Brent crude for October delivery LCOc1 fell 21 cents to
$50.47 a barrel as of 0156 GMT, after ending the previous
session 18 cents higher.
U.S. crude for October delivery CLc1 was down 20 cents at
$46.55 a barrel, after settling 50 cents higher in the previous
session.
U.S. non-farm payroll and unemployment data for August is
due for release at 1230 GMT.
U.S. fiscal policymakers are likely to use the jobs data as
part of their assessment on whether to raise interest rates this
year at the next meeting of the U.S. Federal Reserve federal
open market committee on Sept. 16-17.
A strong dollar remained a "clear and present danger" for
the oil markets, Le Brun said. A firm greenback makes oil and
other commodities priced in dollars more expensive for holders
of other currencies.
Investors are also keeping an eye on U.S. oil rig data due
later on Friday and any drop in rig numbers could bolster oil's
price outlook.
BNP Paribas (PARIS:BNPP) lowered its forecasts for oil prices on Thursday
to $56 per barrel for 2015 and $62 for 2016 for Brent, and to
$51 per barrel in 2015 and $56 in 2016 for U.S. crude.
ID:nL1N1191D3

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