Oil Prices Close Lower but Rise for the Week

Oil prices closed lower on Friday after data showed disappointing progress by the U.S. labor market, with a lower than expected increase in nonfarm payrolls during August, which increased concerns over the pace of recovery from the coronavirus pandemic.

However, crude futures managed to close higher for the week, amid disruptions caused by Hurricane Ide.

U.S. nonfarm payrolls increased by 235,000 jobs in August, according to data released on Friday.

Earlier today, the number of U.S. oil rigs registered this week its biggest decline this year, with a drop in active rigs by 16 to 494, as per the Baker Hughes weekly report.

Brent crude for November delivery lost 42 cents, or 0.6%, to close at $72.61 per barrel, rising for the week by 1.3%.

The West Texas Intermediate crude futures for October delivery closed lower by 70 cents, or 1%, to finish at $69.29 per barrel, leveling higher on a weekly basis by 0.8%.