Oil slips, but set for weekly gain on Kazakh, Libyan concerns | Reuters
Oil prices edged about 1% lower on Friday, as the market weighed supply concerns from the unrest in Kazakhstan and outages in Libya against a U.S. jobs report that missed expectations and its potential impact on Federal Reserve policy.
Brent crude fell 49 cents, or 0.6%, to $81.54 a barrel by 1:32 p.m. ET (1832 GMT), while U.S. West Texas Intermediate (WTI) crude was down 77 cents, or 1%, to $78.69 a barrel.
Brent and WTI were on track for gains of about 5% in the first week of the year, with prices at their highest since late November, spurred on by the supply concerns.
"Employment data injected a question mark into where we are going from here and Omicron fears have crept back into the market," said John Kilduff, a partner at Again Capital Management.
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