WTI oil trading near $75, awaits latest US jobs report

WTI oil prices are trading near the $75 mark on Friday morning in Asia as investors prepare for the latest report on the US job market, due out later today.

US Light crude oil futures for October 2010 delivery was trading at $74.70, 06.30 GMT on the NYMEX.

Gulf Oil Explosion Helps WTI Oil Advance

WTI oil futures advanced late yesterday afternoon as another Gulf of Mexico oil platform exploded, sending renewed concerns for oil spills in the region.

News that the oil platform owned by Mariner Energy exploded in the Gulf helped modestly support prices, which climbed 1.5 percent yesterday, following a 3 percent jump during the previous session.

This new crisis in the Gulf is unlikely to move WTI oil prices dramatically because the US delivers only a small amount of crude oil to the world market, experts pointed out.