Oil prices above $87 in asia

Global oil prices eased in Asian trade Thursday after the dollar strengthened amid concerns over economic situation in the US. WTI crude for September delivery was seen trading at $87.22 a barrel at 12.00 noon Singapore time while London s Brent crude was at $110.27 a barrel on the ICE Exchange. Analysts said investors are looking forward to get more clues about US economic situation from Jobs data, scheduled for later Thursday. They also said a strong dollar helped push prices lower as it makes the dollar-priced commodity more expensive for buyers using other currencies, dampening demand. On Wednesday, oil advanced by an unexpectedly big drop in US Gasoline inventories during the peak of the key summer driving season and a weaker dollar that helped to spur demand. New York's main contract, West Texas Intermediate light sweet crude for September delivery, gained 93 cents a barrel to close at $87.58. In London, Brent North Sea crude for October delivery jumped $1.47 to settle at $110.60. The US Department of Energy said Wednesday that American gasoline inventories sank by 3.5 million barrels in the week ending August 12, suggesting stronger-than-expected demand. (QNA)