Oil prices fell on Friday as a weak U.S. jobs report dimmed the outlook for energy demand, while swelling supplies may grow further after OPEC and allied producers meet over the weekend.
Brent crude futures settled at $65.50 a barrel, down $1.49, or 2.22%. U.S. West Texas Intermediate crude finished at $61.87, down $1.61, or 2.54%.
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On Wednesday, Reuters reported that eight OPEC+ producers will consider raising production further at a meeting on Sunday. U.S. crude inventories rose 2.4 million barrels last week, rather than falling as analysts expected.
“It’s kind of a perfect storm,” said Phil Flynn, senior analyst with Price Futures Group. “It started falling with the OPEC story. The jobs report was not helpful. That suggests the market is weakening.”
U.S. nonfarm payrolls increased by only 22,000 jobs last month after rising by an upwardly revised 79,000 in July, the Labor Department’s Bureau of Labor Statistics said in its closely watched employment report on Friday. Economists polled by Reuters had forecast payrolls rising by 75,000 positions after a previously reported 73,000 gain in July.
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