Oil prices steadied below US$62 in Asian trading on Friday. Light, sweet crude for April delivery stood at US$61.54 a barrel in electronic trading on the New York Mercantile Exchange midmorning in Singapore.
Minimal activity has been seen in the energy market, as traders await release of employment data by the U.S. Labor Department. It is largely believed that if the data shows strength, traders will resume confidence in the U.S. economy, which may move crude prices sharply. Previous data showing stability in U.S. jobs has been a market driver as it suggests consumers will keep spending money.
Though many analysts are expecting oil prices to advance further as U.S. gasoline demand picks up during the warmer months, crude could see a dip before that happens, as March is a seasonally slow month.
09-Mar-07 
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