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Oil remains flat as holiday weekend approaches
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Crude oil changed little on Friday as investors tended to be cautious before the Labor Day holiday weekend.

Light, sweet crude for October delivery edged up 6 cents to settle at 68.02 U.S. dollars a barrel on the New York Mercantile Exchange, following light trading volume that moved the commodity between 67 dollars and 69 dollars a barrel.

Oil prices initially dipped as the U.S. Labor Department said that the country's unemployment rate jumped to a 26-year high of 9. 7 percent in August, before strength in stocks finally picked the price up.

It seems that oil prices could not find directions as investors await the long weekend and OPEC reports next week. Most analysts predict that the OPEC will maintain current production quotas since oil is trading at an acceptable price with minimal volatility.

In London, Brent Crude for October delivery fell 30 cents to settle at 66.82 dollars a barrel on the ICE Futures exchange.

(Xinhua News Agency September 5, 2009)

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