Oil prices end week on multi-month lows on recession fears | Reuters
Oil prices settled higher on Friday, recouping some of this week's losses on strong U.S. job growth data, but closed the week at their lowest levels since February, rattled by worries a recession could hit fuel demand.
Brent crude settled up 80 cents to $94.92 a barrel, 11% off last Friday's settlement. U.S. West Texas Intermediate crude settled up 47 cents to $89.01, off 8% in the week.
U.S. job growth unexpectedly accelerated in July as nonfarm payrolls increased by 528,000 jobs, the largest gain since February, the U.S. Labor Department reported. read more
"This is strong economic data that's supporting the oil market rise today," said Bob Yawger, director of energy futures at Mizuho.
Oil traders this week have fretted about inflation, economic growth and demand, but signs of tight supply kept a floor under prices.
