Barrel of oil drops to $81 in Asia

By ASSOCIATED PRESS
October 8, 2010 13:28

 
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SINGAPORE  — Oil prices slipped below $81 a barrel Friday in Asia as investors looked to a key monthly jobs report for clues about the strength of the US economy.

Benchmark oil for November delivery was down 76 cents to $80.92 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract lost $1.56 to settle at $81.67 on Thursday.

Analysts estimate the US economy likely added a net total of 75,000 private sector jobs in September, but that an equal number of temporary Census jobs were lost, leaving the unemployment rate slightly higher at 9.7 percent from 9.6 percent in August.

"There's much uncertainty in the market at the moment with everyone waiting to see what the jobs report says," Sander Capital Advisors said. "We could see a further pull back in the price of oil to close out the week."

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