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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