Here comes the second consecutive week of losses for Brent and US crude prices
According to Reuters, oil pricesrose nearly 1% on Friday after an increase of employment opportunities in theUnited States helped to allay some financial market concerns about a global economicslowdown that could undermine demand for crude, but oil fell more than 5% overthe week to be the second consecutive week of losses.
Brent crude futures was up 66 cents,or 1.14%, at $58.37 a barrel at the end of the trading session.
U.S. West Texas Intermediate (WTI)crude futures were up 36 cents, or 0.7%, at $52.81 a barrel.
Over the course of the week, Brentoil future contracts fell 5.7% in the biggest weekly decline since July and theUS crude ended the week on a 5.5% loss, also the biggest since July.
The US Labor Department said thatthe job opportunities growth in the United States increased at a moderate pacein September and the unemployment rate fell to a near 50-year low of 3.5%.
But the report followed a string ofweak economic reports, including a sharp drop in manufacturing industries andservice sector activity.
On the supply side, Saudi EnergyMinister, Prince Abdul-Aziz bin Salman said that the world's largest oilexporter had fully recovered after Abqaiq-Khurais attacks, where drones wereused to attack the state-owned Saudi Aramco oil processing facilities lastmonth, stopped pumping more than 5% of the world's crude supply.
