* U.S. non-farm payrolls due 1330 GMT
* OPEC cautious about oversupply and fragile economy
* Saudi oil minister says current prices satisfactory
(Update prices, adds link to graphic)
By Ikuko Kurahone
LONDON, Dec 4 (Reuters) - Oil prices slipped below $76 a
barrel on Friday, pressured by high inventories and jitters
ahead of key employment data from the world's top energy
consumer, the United States.
U.S. crude futures <CLc1> fell 52 cents to $75.93 a barrel
by 1320 GMT. Brent crude <LCOc1> dipped 35 cents to $78.01.
Some other commodity markets were pressured as equity
markets dipped ahead of the data due at 1330 GMT. But gold and
the dollar were barely changed.
White House spokesman Robert Gibbs said on Thursday a recent
private sector payroll report signalled November unemployment
level may tick up from October's 10.2 percent. []
"We always look at the data closely to see global economic
situation and the U.S.," said Olivier Jakob at Petromatrix.
"Unemployment is not good for oil consumption. You need to
have people go to work, drive cars and spend money at shopping
malls."
The U.S. economy has come out of recession but unemployment
is lagging and has yet to turn.
A Reuters poll concluded about 130,000 jobs were lost in
November compared with 190,000 in October.<ECON>[]
Jakob pointed out that high oil inventory levels in the
United States, especially at the delivery point of U.S. crude at
Cushing, Oklahoma, have been putting more pressure on U.S. oil
prices than North Sea benchmark Brent crude.
For graphics of oil stocks at Cushing versus Brent/U.S.
crude spreads, click the link below.
http://graphics.thomsonreuters.com/129/CMD_OKL1209.gif
OPEC
Oversupply and the fragile state of global economy will be
among the issues for the Organisation of the Petroleum Exporting
Countries (OPEC) when it meets on Dec 22. Analysts expect no
change in its output policy. []
OPEC's Secretary-General Abdullah al-Badri told Reuters on
Thursday the group should be cautious as it needs to balance
signs of economic recovery and abundant supplies.
He said oil inventories remained above their five-year
average and there were 165 million barrels of crude and products
floating at sea, equal to almost two days' global demand and
more than some estimates.
In terms of prices, the current band of $70-$80 is
satisfactory, Saudi Arabian Oil Minister Ali al-Naimi told
reporters in Cairo. []
"Right now you see the price is okay between $70 and $80,
it's close to the target we set, it's almost $75 -- it's good,"
Naimi said, referring to the $75 level that he has said suited
producers and consumers.
(Additional reporting by Nick Trevethan in Singapore;
editing by Veronica Brown)
((ikuko.kurahone@thomsonreuters.com; +44(0)20 7542 8145;
Reuters Messaging: ikuko.kao.reuters.com@reuters.net))
