Crude prices were higher in
choppy trading on Friday, with Brent on track to its largest weekly drop in six
months, as strong U.S. jobs data and bargain hunting by investors pitted
against seasonally weak consumption of oil,reports CNBC.
The oil market initially
rose about 1 percent or more after the U.S. economy posted the largest job
gains in eight months in June and on worries about fresh militant attacks on
Nigerian oil infrastructure. But the gains faded after concerns over supplies
later returned.
"It's choppy and will
likely stay so," said David Thompson, executive vice-president at
Washington-based commodities broker Powerhouse. "It'll be a tug of war
today between the very strong jobs numbers and the existing bearish oil market
fundamentals."
The market also digested U.S.
rig count data from Baker Hughes, which showed rigs rise by 10 this week to
351, posting their fifth straight weekly increase.
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