RTTNews - Oil prices turned notably lower on Friday after giving back an early rally amid lingering demand worries. A stronger U.S. dollar also lowered the hedge appeal of commodities.
Light sweet crude for September dropped to $70.93 per barrel, down $1.01 per barrel. Prices rose as high as $72.84 before later touching as low as $70.38.
The Labor Department revealed non-farm payroll employment fell by 247,000 jobs in July following a revised decrease of 443,000 jobs in June. Economists had been expecting a drop of 325,000 jobs compared to the drop of 467,000 jobs originally reported for the previous month.
The dollar posted sharp rallies against its major rivals on Friday in New York, following the employment report. The climb took the buck away from multi-month lows against the euro and pound.
For the week, crude oil gained $1.43 per barrel. Kuwait oil minister Sheikh Ahmed Abdullah al-Sabah said yesterday that OPEC may leave output as in following its next meeting on September 9 in Vienna.
On Wednesday, Energy Information Administration data showed crude oil inventories increased by 1.7 million barrels last week. Total motor gasoline inventories decreased by 200,000 barrels.
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