LONDON (SHARECAST) - US crude oil futures ended the week higher, after a choppy session, following disappointing jobs data.
The latest Labor Department report showed employers cut 85,000 jobs in December despite expectations of a slight increase in payrolls.
Meanwhile the unemployment rate, as predicted, remained steady at 10%. There was some good news in November’s figure. The decline of 11,000 was revised to an increase of 4,000, the first gain in nearly two years, a sign that the jobs market is headed in the right direction.
However overall the data put pressure on the dollar and reduced expectations of an interest rate hike any time soon.
Crude oil for February delivery rose 9 cents to settle at $82.75 a barrel. Earlier in the session crude fell as low as $81.80 and over the week crude rose 4.3%.
Among precious metals gold for February delivery ended $5.20 higher at $1,138.90 an ounce on Friday. The contract settled the week almost 4% higher.
The yellow metal found support in the weaker dollar after the mostly disappointing US jobs data.
