Oil prices below US$98 ahead of US jobs data

Benchmark oil for March delivery was down 30 cents to US$97.63 at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 37 cents to finish at US$97.94 per barrel on the New York Mercantile Exchange on Wednesday.

Brent crude, used to price international varieties of oil, fell 10 cents to US$114.80 a barrel on the ICE Futures exchange in London. In other energy futures trading on Nymex:

— Wholesale gasoline fell 0.6 cent to US$3.028 per gallon.

— Natural gas fell 3.1 cents to US$3.304 per 1,000 cubic feet.

— Heating oil was up 0.2 cent at US$3.107 a gallon.

The U.S. economy unexpectedly contracted in the fourth quarter, which turned stock markets lower after a January rally that pushed the Dow Jones Industrial Average to near-record highs.

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