Oil prices eased today as concerns over the pace of economic recovery persisted despite better than expected US unemployment data.
New York's main contract, light sweet crude for delivery in September fell 13 cents to $70.80 a barrel. Brent North Sea crude for delivery in September dipped seven cents to $73.52.
The US, the world's biggest energy-consuming nation, had on Friday said that its jobless rate fell one tenth of a point to 9.4% in July as job losses narrowed to 247,000 from 443,000 in June.
Analysts tempered optimism surrounding economic recovery, however, saying the world's biggest economy would still take some time to bounce back from the worst downturn in decades, dampening hopes of a rebound for energy demand.
Oil analysts said that weak demand would continue to impact oil prices that have gained recently on hopes of an end to the downturn being in sight.
Investors were looking for fresh leads from a two-day US Federal Reserve monetary policy meeting that ends on Wednesday.
Oil prices reached an all-time peak of more than $147 a barrel in July last year before plummeting after the economic slump that started in the second half of 2008 hit energy demand.
