Oil prices motionless at US$68 ahead of US employment report

08-Sep-09
Awaiting U.S. employment data, the oil market was witness to directionless trading , with few deals concluded. Oil prices inched above US$68 a barrel in New York, while London Brent crude rose to US$67.40. Other markets also moved cautiously in a relatively narrow range ahead of the jobs data. Equity markets mostly edged higher while the dollar dipped against the yen. Recent data has given mixed signals on the health of the U.S. economy. Several economic indicators have shown improvement, except for the employment numbers, and high unemployment figures are bad for overall oil demand.
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