Markets

Brent steady near $108 ahead of US jobs data

Published November 2, 2012 Updated November 2, 2012 09:18am

 

Data from the US and China this week pointed to some stabilisation in the global recovery trend, but investors remained sceptical about a sustained improvement in the fragile economy.

 

Brent crude for December had edged down 11 cents to $108.06 a barrel by 0721 GMT, while US crude for December was down 37 cents at $86.72.

 

"Everyone is waiting for the jobs data tonight," said Ken Hasegawa, a commodity sales manager at Newedge Japan.

 

"The global economy is looking better than before, but there is still a lot of uncertainty in Europe and the US".

 

Brent could rise to about $109.50 a barrel if the jobs data released later on Friday turns out better than expected, Hasegawa said. But weaker-than-expected data could push Brent below $107, he said.

 

In the US, consumer confidence improved sharply while companies added jobs in October at the fastest pace in eight months, a sign of modest healing in the labour market.

 

Factory activity at Asia's large economies started to pick up steam in October after a year of slower growth, surveys showed on Thursday, while US manufacturing showed modest improvement.

 

Copyright Reuters, 2012