Sept 6 Reuters Oil prices ticked up in Asian trading on Friday, with investors exercising caution ahead of key U.S. employment data as they weighed a big withdrawal from U.S. crude inventories and a delay to production hikes by OPEC producers.

Brent crude futures rose 13 cents to 72.82 by 0507 GMT, and U.S. West Texas Intermediate crude futures were up 12 cents, or 0.17, to 69.27.

It seems that broader caution prevails, as market participants are still trying to wrap their heads around the mixed U.S. economic data coming through this week, while the leadup to the crucial jobs report may limit some risktaking, said Yeap Jun Rong, a market strategist at IG.

For the week, Brent was on track to drop nearly 8, while WTI was headed for a decline of almost 6.

There have been mixed signals on the U.S. economy this week, ahead of nonfarm payrolls data on Friday that is expected to be key to the size of a U.S. interest rate cut at the Federal Reserve39;s Sept. 1718 meeting.

U.S. services sector activity was steady in August, but private jobs growth slowed, remaining consistent with an easing labor market.

Memories of the earlyAugust selloff across global markets may remain fresh on investors mind, which kept sentiment on tenterhooks on the risks that U.S. labour conditions may turn in another surprise downside, Yeap said.

In early August, oil prices fell by more than a dollar and Brent settled at a sevenmonth low after fears of a U.S. recession sparked a global market…