Oil prices mixed ahead of U.S. jobs report
Oil prices were mixed on Friday after a strong rise in the previous session on a weaker dollar and a fall in U.S. crude stocks and were set for modest weekly gains ahead of a highly anticipated U.S. monthly jobs report.
Brent crude futures were up 13 cents, or 0.2%, to $73.16 a barrel at 0619 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 4 cents, or 0.1%, at $69.95 a barrel.
Both benchmark oil contracts jumped 2% on Thursday, putting WTI on track to climb 1.8% for the week, while Brent headed for a 0.6% weekly gain.
The move down in WTI was likely due to traders squaring positions ahead of the U.S. non-farm payrolls report for August, on worries the report may be weaker than consensus forecasts, said Stephen Innes, managing partner at SPI Asset Management.
The increase this week has also come amid a falling U.S. dollar, which makes oil cheaper in other currencies, and the fallout from Hurricane Ida, Reuters reported.