Oil stays above USD 80 in Asian trade

London8217;s Brent North Sea crude for April was up 48 cents to USD 79.02.

8220;Prices have been trading sideways between the 80 and 81-dollar range for the past few days,8221; said Clarence Chu,an oil trader with Hudson Capital Energy in Singapore.

Chu added that investors would be eyeing a key US jobs report to be released later Friday for indications of the pace of economic recovery in the world8217;s biggest economy and largest energy consuming nation.

8220;If we take a long-term view,this is now a critical time. If we settle above 81 a few days in a row,a lot of people see it as a sign that we could break even higher,8221; he said.

Oil prices fell yesterday on disappointing US economic data as pending sales of US homes plunged in January while industrial orders rose less than expected,numbers that dented the market8217;s outlook on oil demand.

The oil market had also came under pressure from the natural gas market,where prices have tumbled to three-month lows after inventories fell less than expected,indicating weaker demand.