Oil sneaks above $81 as stock markets steady

[August 09, 2010]  BANGKOK (AP) -- Oil prices rose above $81 a barrel Monday in Asia, clawing back part of a big fall triggered by weak U.S. jobs figures as regional stock markets steadied.

Benchmark crude for September delivery was up 65 cents at $81.35 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.31 Friday to settle at $80.70.

Oil's fall on Friday was sparked by a Labor Department report that showed private employers hired 71,000 workers in July -- way below the level needed to lower the unemployment rate which remained stuck at 9.5 percent.

That suggests U.S. demand for fuel will remain subdued as Americans keep a tight rein on personal spending.

Asian stock markets were initially mixed Monday as investors absorbed the jobs figures but most indexes later moved into positive territory.

In other Nymex trading in September contracts, heating oil rose 1.9 cent to $2.166 a gallon, gasoline gained 1.9 cent to $2.131 a gallon and natural gas added 1.5 cents to 4.482 per 1,000 cubic feet.

Brent crude was up 59 cents at $80.75 a barrel on the ICE futures exchange.

[Associated Press]

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