Oil fell on Friday for the first day in three as traders awaited US monthly jobs data, while Hurricane Earl neared the country's east coast, fuelling concerns of disruptions to refineries and demand during the Labor Day long weekend.

US crude for October dropped 39 cents to $74.63 a barrel by 0610 GMT, on track for its third weekly drop in four weeks, while ICE Brent declined 42 cents to $76.51.

Prices on Thursday settled above $75 for the first time this week, after positive US data on weekly jobs and pending sales of previously owned homes eased concerns the world economy would lapse back into recession. A day earlier, prices rose on strong US and Chinese manufacturing data.

"The economic data this week largely assuaged concerns that manufacturing is leading the world into a double-dip recession," JP Morgan analysts headed by Lawrence Eagles said.

 "The conveyor belt of tropical storm development is in full swing as we enter the peak months for hurricane activity.
Hurricane risks aside, the outlook for the oil market in the coming months looks less supportive," JP Morgan said.

US nonfarm payrolls probably fell for a third straight month in August, a Reuters survey showed, ahead of a monthly report due later on Friday.   

Atlantic storms in the past few weeks have veered north, staying away from oil and gas production and refining infrastructure in the Gulf of Mexico. Still, Hurricane Earl could affect 1.1 million barrels per day of US operable refinery capacity on the Atlantic coast, or about 7 percent of the nation's total, the US Energy Information Administration said on Thursday. - Reuters