Oil price surges in Asian trade

Oil prices rose in Asian trade Friday, recovering from losses in New York sparked by disappointment over the lack of new central bank measures to boost the US economy and eurozone, analysts said.New Yorks main contract, light sweet crude for September delivery advanced 50 cents to $87.63 a barrel and Brent North Sea crude for September delivery was 46 cents higher at $106.36.The two contracts had closed lower Thursday after the European Central Bank announced no fresh stimulus actions to boost economic activity. That followed a similar decision by the US Federal Reserve on Wednesday.Sentiment remained subdued despite the modest jump in crude prices, which was spurred by profit-taking, analysts said.Investors were turning their attention to the release of US non-farm payrolls data for July, due out later Friday, for clues on the health of the worlds largest economy and the number one oil-consumer, analysts said.Traders will be positioning themselves ahead of non-farm payrolls data tonight which have not had their usual frenzied build-up as markets have been distracted by central bank meetings this week, said Justin Harper, IG Markets Singapores market strategist.The US economy was expected to have created 100,00 new jobs in July compared with 80,000 in June, Singapores DBS Bank said in a market commentary.