SINGAPORE: Oil was higher in Asian trade Friday, recovering from overnight losses sparked by disappointment over the lack of new stimulus plans to boost the US economy and the eurozone, analysts said.
New York's main contract, light sweet crude for September delivery advanced 23 cents to $87.36 a barrel and Brent North Sea crude for September delivery was 31 cents higher at $106.21.
The two contracts had closed lower Thursday after the US Federal Reserve and European Central Bank announced no fresh fresh stimulus actions to boost economic activity.
Sentiment remained subdued despite the modest jump in crude prices which was spurred by investors who saw an opportunity to buy on the dip, analysts said.
Investors were turning their attention to the release of US non-farm payrolls data for July, due out later Friday, for clues on the health of the world's largest economy and the number one oil-consuming nation, analysts said.
"Traders will be positioning themselves ahead of non-farm payrolls data tonight which have not had their usual frenzied build-up as markets have been distracted by central bank meetings this week," said Justin Harper, IG Markets Singapore's market strategist.