SINGAPORE (Commodity Online) : World oil prices dropped below $75 a barrel in Asian trade Friday after overnight gains on positive US economic data that boosts energy demand.

Light sweet crude for October delivery was seen trading at $74.81 a barrel at 11.30 a.m Singapore time while Brent crude declined to $76.61 a barrel in London.

Analysts said the black gold is likely to end lower for the third week in a row as despite concerns that advancing hurricane Earl may disrupt oil destinations in US east coast.

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Atlantic storms in the past few weeks have veered north, staying away from oil and gas production and refining infrastructure in the Gulf of Mexico.

U.S. Energy Information Administration said Hurricane Earl could affect 1.1 million barrels per day of U.S. operable refinery capacity on the Atlantic coast, or about 7 percent of the nation's total, the on Thursday.

The markets are also await the outcome of monthly US employment data for more clues while a positive opening by Asian stocks failed to ignite prices.

On Thursday, oil settled above $75 for the first time this week, after positive U.S. data on weekly jobs and pending sales of previously owned homes eased concerns the world economy would relapse into recession.
New York's main contract, light sweet crude for October delivery, closed at $75.02 a barrel while Brent crude for delivery in October closed at $76.93 a barrel.

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