SINGAPORE (Commodity Online) : World oil prices eased below $70 a barrel in Asian trade Monday as markets sentiment remained weaker after last weeks disappointed US jobs report.
Light sweet crude for july delivery was seen trading at $69.71 a barrel at 11.00 a.m Singapore time while Brent crude for July was at $70.63 a barrel in London.
Analysts said a weak US jobs report released Friday raised questions about the strength of the US economic recovery, souring international investor sentiment.
Major Asian bourses nosedived in early trade Monday, with the Japanese, Australian, South Korean and Hong Kong stock markets all falling after opening.
A The US economy created 431,000 non-farm jobs in May, the vast majority due to temporary government hiring for this year's census,. Most experts had expected 500,000 would be added.
On Friday, New York's main contract, light sweet crude for delivery in July, fell $3.10 to settle at $71.51 a barrel. In London, Brent North Sea crude for July fell $3.32 to settle at $72.09.