Oil prices slip in Asia as investors await US payrolls report as dollar strengthens

09-Oct-10
New York's main contract, light sweet crude for November delivery fell to US$81.1, while Brent North Sea crude settled lower at US$83.1. Oil prices have slipped in Asia, as investors await a widely watched US payrolls report. The US Labor Department's non-farm payrolls report on September employment could play a crucial role in the Fed's decision to introduce new measures to bolster the US economy. Over 8 million jobs have been lost since the US economy entered recession in December 2007. The US dollar strengthened after its recent plunge stimulated a rally by oil and other commodities. The dollar rose after a US policymaker played down the chances of aggressive monetary easing, prompting investors to take some profit on the greenback's recent falls before key U.S. jobs data Four oil refineries in southern France face closure over the weekend, after workers at Fos-Lavera port continues with a strike for the twelfth day.
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