Oil loses 8% over the week

Oil futures posted a weekly loss, following to two consecutive gains, amid lingering concerns over a global supply glut and a stronger dollar on the back of the US nonfarm payrolls report.

West Texas Intermediate crude for March settled down 2.3% at $ 30.89 a barrel, after swinging between a high of $ 32.45 and a low of $ 30.63 during the New York session. WTI posted an 8% weekly loss.

Nonfarm payrolls data showed that even though US economy added fewer jobs than expected in January,151K vs 190K expected, wages rose and the unemployment rate fell below 5% to an 8-year low of 4.9%.

Baker Hughes today announced a new weekly decline of 31 units in the number of oil rigs to 467. That is less than half of rigs than it was a year ago by this time and the third part of two years ago.
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US stocks close the week with losses

US stocks fell sharply on Friday and closed the week with steep losses, following two weeks of gains.

The Dow Jones Industrial Average lost 211.82 points, or 1.29%, to 16,204.83 and posted a 1.6% weekly loss. The S&P 500 fell 35.40 points, or 1.85%, to 1,880.05 and closed the week 1.3% lower. The Nasdaq Composite declined 146.41 points, or 3.25%, to 4,363.14 and finished the week 5.4% down.

On the data front, US nonfarm payrolls showed the economy added only 151,000 new jobs in January, below the 190,000 expected and down from a revised 262,000 gain in December. However, wages rose and the unemployment rate edged down to 4.9%, hitting levels below 5% for first time since 2008.
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