US Jobs Report Weakened Demand for Oil

Oil (NYSE:USO) markets were hit hard by US jobs report on Friday. WTI August contracts fell 2.5% or $2.47 and settled at $96.20 a barrel. Brent crude for August was down 26 cents or 0.2% to settle at $118.33 per barrel. The US economy added 18,000 jobs last month, and the unemployment rate rose to 9.2%. Net long positions by speculators on NYMEX increased by 12,343 to 165,491 last week. North Sea Forties oil output will hit a low point of 310,000 barrels per day in August.

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