Oil Retreated in Asia, New York Crude Holds Above 71 years

Oil pulled back in Asia on Friday as regional stock markets eased and investors awaited a US report on unemployment which could give fresh clues on the health of the recession-hit economy.

Victor Shum, senior principal at energy consultancy Purvin and Gertz in Singapore, stated:

Oil is retreating a bit and that’s not surprising considering that Asian equity markets are also easing.

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