Oil eases in Asian trade

SINGAPORE (AFP) - Oil eased in Asian trade Monday ahead of the release of a slew of key US economic data, analysts said. The death of Al-Qaeda chief Osama bin Laden, who was killed Sunday in a firefight with covert US forces in Pakistan, is not expected to have an impact on crude prices, they said. I dont think that news should result in a clear direction on crude, said Ben Westmore, a Melbourne-based commodity economist with National Australia Bank. It wont have big implications for crude markets, he told AFP, adding key US economic data scheduled to be released this week will have more influence on the direction of crude futures. New Yorks main contract, light sweet crude for June delivery, was down $1.25 cents to $112.68 from New Yorks close and Brent North Sea crude for June eased 79 cents to $125.10. Any data related to the US will be important, said Westmore. The US is the worlds biggest oil consumer. I think around current levels, we will see slight easing but we will see nothing dramatic, he added. Non-farm payroll figures for April due out on Friday are among the US data expected to be released this week and will be keenly watched by analysts for clues on the state of the worlds biggest economy. On Friday, we have April payroll data which will be the one to watch and will have an impact (on crude oil futures), said Westmore. Westmore said prices also eased off as investors digested data released Friday that showed US consumer spending slowed in March despite a slight rise in income.

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