Oil prices fall to near $95 ahead of U.S. jobs report

PanARMENIAN.Net - Oil prices fell to near $95 a barrel Friday, Sept 7 in Asia as the boost from Europe’s latest move to control its debt crisis faded ahead of the release of a monthly U.S. jobs report, according to The Associated Press.

Benchmark oil for October delivery was down 38 cents at $95.15 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 17 cents to settle at $95.53 on Thursday.

Crude was driven as high as $97.71 on Thursday by word that the European Central Bank would buy unlimited amounts of government bonds to help lower borrowing costs for euro nations that are struggling with debt.

Prices were also boosted by a drop in U.S. unemployment benefit applications and the release of an Energy Information Administration report that showed U.S. crude supplies dropping by more than expected last week. Hurricane Isaac interrupted deliveries of oil imports and refinery activity along the Gulf Coast.