Oil prices fell by about 2% on Friday and were headed for weekly losses after U.S. jobs data shrank the odds of imminent interest rate cuts in the world’s largest economy, which could dampen crude demand.
Faltering growth in China and the possibility of some easing of tensions in the Middle East also reduced prices.
Brent crude futures were down $1.31, or 1.7%, at $77.39 a barrel by 12:58 p.m. EST (1758 GMT) and U.S. West Texas Intermediate crude futures fell $1.47, or about 2%, to $72.35.
Both benchmarks were on track for a loss of about 7% on the week.
