Oil price up in Asian trade

Oil prices rose in Asia Monday, but analysts said gains were capped following weakened demand caused by refinery shutdowns and easing concerns about armed conflicts around the world. US benchmark West Texas Intermediate for September delivery was up 10 cents to $97.98 while Brent for September gained 23 cents to $105.07 in afternoon trade. Oil prices have seen a build in risk premium in recent months over armed insurgencies in crude producers Iraq and Libya, as well as Ukraine, a key conduit for Russian energy exports to Europe. The Commerce Department reported that the US economy, the world's biggest, generated 209,000 new jobs in July down from June but maintaining a solid 200,000 -plus monthly streak since February. The unemployment rate rose 0.1 percentage point to 6.2 per cent, according to AFP.