11 Jul '11, 3am

DTN Singapore News: Oil down in Asia on US jobs report, China inflation: SINGAPORE - OIL was down in Asian trade...

SINGAPORE - OIL was down in Asian trade on Monday following a slump in US job creation as well as soaring Chinese inflation rates, analysts said. New York's main contract, light sweet crude for delivery in August, fell 19 cents to US$96.01 (S$117.02) a barrel. Brent North Sea crude for August delivery shed 39 cents to US$117.94. Crude prices were still reeling from an unexpectedly dismal US jobs report released on Friday, said Ker Chung Yang, commodity analyst for Phillip Futures in Singapore. 'Last Friday the crude oil prices ended lower after the dismal jobs report... The US jobs growth is weaker than expected,' he told AFP. Data released by the US Labor Department showed the US economy created a paltry 18,000 jobs in June, far worse than expected and not even enough to keep up with population growth. That pushed the unemployment rate up to 9.2 per cent, and signalled th...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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