Oil prices dipped below US$75 on Monday in Asia. This dip is in continuity to the decline prompted on Friday by news of a cooling U.S. job market. The contract declined US$1.38 to settle at US$75.48 a barrel Friday after the U.S. Labor Department reported the U.S. unemployment rate rose to 4.6% in July, a six-month high. These figures suggest that the U.S. economy might be slowing, which could lower demand for oil and gasoline.
Light, sweet crude for September delivery dipped to US$74.80 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. September Brent crude fell 27 cents to US$74.48 a barrel on the ICE futures exchange in London.