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Oil Prices in 'Holding Pattern' as Market Ponders US Data
CNBC.com | April 08, 2012 | 11:36 PM EDT

U.S. light, sweet crude fell more than $1 in early Asian trade on Monday, reversing most of the gains made on Thursday, after data on Friday showed the U.S. economy created 120,000 jobs last month, disappointing market expectations for an increase of 200,000. Front-month London Brent crude was down $1.17 a barrel to $122.26 a barrel by 2240 GMT, after slipping as low as $122.17. It had settled at $123.43 per barrel, up $1.09, on Thursday. U.S. oil traded $1.14 a barrel lower at $102.17 by 2231 GMT, after slipping as low as $102.03. The benchmark settled at $103.31 a barrel on Thursday, gaining $1.84. Oil markets were closed on Friday due to Good Friday.

Both Brent and U.S. crude futures "appear to be locked in corrective patterns," said Dhiren Sarin, Barclays Capital's Chief Technical Strategist for Asia-Pacific. "For the time being we expect further choppy moves and are neutral, though the bullish triggers are clear: $107.10/50 area in WTI and $127.10 in Brent; a break above these levels, especially on a closing basis would turn us bullish in line with our medium term outlook."

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