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Oil Price down

29 March 2010 07:07 (UTC +04:00)

Baku â€“ APA-Economics. Oil prices rose above $80 a barrel Monday in Asia as investors look to a key U.S. jobs report later this week for clues about the outlook for consumer spending, Associated Press reported.

Benchmark crude for May delivery was up 46 cents to $80.46 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 53 cents to settle at $80 on Friday.

Oil has drifted in the low $80s for two weeks as investors mull whether slack crude demand from the U.S. and Europe justify higher prices.

In London, Brent crude was up 40 cents at $79.69 on the ICE futures exchange.