Oil slips as weak US jobs report gives ‘reality check’
NEW YORK: Oil prices fell on Friday after a weaker than expected US jobs report indicated a patchy economic recovery that could mean slower fuel demand during a resurgent pandemic.
Losses were capped by concerns that US supply would remain limited in the wake of Hurricane Ida, which cut production from the US Gulf of Mexico.
Brent crude futures settled lower by 42 cents, or 0.58%, at $72.61 a barrel. US West Texas Intermediate (WTI) crude futures were down 70 cents or 1%, at $69.29.
