Oil prices dip despite upbeat job data

Oil prices continued to drop on Friday despite the U.S. economic data showed strong recovery of job market in Dec. 2011. The U.S. Labor Department reported that U.S. economy added 200, 000 jobs in December, while employment rate dipped to 8.5 percent from 8.7 percent. The upbeat job data provided further evidence that the U.S. job situation is improving. The oil price dipped on Friday as optimism on U.S. economy lifted the dollar. However, investors concerned that the potential closure of the Strait of Hormuz may support the oil. Light, sweet crude for Feb. delivery fell 25 cents, or 0.25 percent to settle at 101.56 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for Feb. delivery also fell and last traded around 112.50 dollars a barrel, down 0.2 percent.