Oil rises slightly to above $74 in Asia as traders look to US jobs report for clues to economy

Oil rises above $74 as US jobs report awaited

SINGAPORE — Oil prices rose above $74 a barrel Monday in Asia as traders look to a U.S. jobs report this week for clues about the strength of the global economic recovery.

Benchmark crude for July delivery was up 49 cents at $74.46 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract lost 58 cents to settle at $73.97 on Friday.

Trading volume was light as markets are closed in the U.S. on Monday for the Memorial Day holiday.

Oil prices have swung this month between $87 a barrel and $64 as fears that a debt crisis in Europe could spread and undermine the global economy rocked financial markets.

Investors will be eyeing a key U.S. monthly employment report later this week for signs the economic recovery is still on track. Analysts expect the U.S. economy added about 500,000 jobs in May and the unemployment rate fell to 9.7 percent from 9.8 percent in April.

In other Nymex trading in June contracts, heating oil rose 1.03 cents to $2.0148 a gallon and gasoline gained 0.70 cent at $2.0336 a gallon. Natural gas was up 1.4 cents at $4.355 per 1,000 cubic feet.

In London, the Brent crude July contact was up 53 cents to $74.55 on the ICE futures exchange.