Oil settles up as U.S. unemployment rate drops, but crude ends week down 5% - Reuters

Oil settles up as U.S. unemployment rate drops, but crude ends week down 5% - Reuters:

Oil prices rose about 1% on Friday as an increase in U.S. jobs eased some financial market concerns that a slowing global economy could dent oil demand, but crude fell more than 5% on the week, its second consecutive weekly decline.

Brent crude LCOc1 futures gained 66 cents, or 1.14%, to settle at $58.37 a barrel. West Texas Intermediate (WTI) crude CLc1 futures rose 36 cents, or 0.7%, to settle at $52.81 a barrel.

Brent futures fell 5.7% for the week, its biggest weekly drop since July. WTI lost 5.5% for the week, also its steepest fall since July.

“The oil market is fixated on macro-economic issues and not necessarily current supply or demand,” said Phil Flynn, an analyst with Price Futures Group.