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Oil steady after last week's moves up and down

Oil prices steady after last week's volatility
Oil prices steady after last week's volatility

Oil prices were little changed today as the market searched for direction after last week's ups and downs.

Benchmark crude for September delivery was down 12 cents to $106.82 on the New York Mercantile Exchange.

Brent crude, traded on the ICE Futures exchange in London, fell 24 cents to $108.71 a barrel this evening.

A week ago, oil jumped nearly $5 on Wednesday and Thursday as the global economic picture seemed to brighten.

Central bankers in the US and Europe also indicated they would maintain programmes that helped to keep interest rates low.

That changed on Friday when the latest figures on employment in the US showed a slowdown in the pace of hiring. Oil dropped 95 cents, though it still ended the week with a gain of more than $2 a barrel.