Oil dipped near $52 on Friday, having surged nearly 9 percent the previous day as a result of the G20 summit, as U.S. data showing the highest unemployment rate since 1983 dampened thoughts of a quick economic upturn.

The U.S. jobs data showed employers slashed 663,000 jobs in March. The figure lifted the unemployment rate to 8.5 percent but had a limited effect on oil prices as it was mostly in line with analysts' forecasts.

The jobs report was apparently priced in and was pretty much in line with expectations, said Mike Fitzpatrick, vice president at MF Global in New York.

U.S. light crude for May delivery fell 52 cents to $52.12 a barrel by 1645 GMT (12:45 a.m. EDT), down from Thursday's $4.25 gain that lifted the contract to $52.64.

London Brent crude was 2 cents up at $52.77.


Oil made its largest one-day percentage gain in three weeks on Thursday as markets rallied after world leaders at the summit announced a trillion-dollar deal to act on the economic crisis.

Some market watchers said recent price rises in the crude market, in spite of low demand and heavy supply, were likely to be a sign investors were turning to investments seen as involving more risk, which can include oil.

The last two weeks has been fairly encouraging, said David Dugdale, a London-based energy analyst at MFC Global Investment Management.

(U.S. Treasury Secretary Timothy) Geithner's procedures for quantitative easing and yesterday's G20 seem to have provided enough for the bulls to now move into risk assets.

The dollar reversed earlier losses and rose against the euro on Friday as the U.S. jobs data dulled market optimism and enhanced the dollar's safe haven status.

(Additional reporting by Robert Gibbons in New York and Fayen Wong in Perth; editing by Anthony Barker)