Oil Falls As Weak US Jobs Data Adds To Demand Worries

Reuters

NEW YORK, Sept 5 (Reuters) - Crude oil futures fell on Friday and ended the week more than 2 percent lower as disappointing jobs data from the United States cast doubt about the strength of economic growth in the world's biggest oil-consuming economy.

U.S. jobs figures showed nonfarm payrolls increased by just 142,000 in August, well below forecasts of 225,000 and the smallest rise eight months.

"U.S. economic growth was supposed to counter the slowing in China and Europe and the payrolls report threw a little cold water on that idea," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut.

Brent crude for October delivery fell $1.01 to settle at $100.82 a barrel, having dropped to $100.35 intraday. The last time Brent was priced under $100 was in June 2013.

U.S. October crude fell $1.16 at settle at $93.29 a barrel.

The weekly drop was Brent's third in four weeks and the sixth in the past seven weeks for U.S. crude.

Oil prices extended losses after U.S. President Barack Obama voiced scepticism about a ceasefire in Ukraine and said that the agreement must last if sanctions on Russia are to be lifted.


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Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
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