Oil futures fell Friday, with the U.S. benchmark closing at its lowest level in more than four months after jobs data boosted expectations the Federal Reserve will deliver a rate hike as early as September, and the number of U.S. oil rigs rose for a second week.“There is absolutely no fundamental strength now. It does not look like that the market will reverse any time soon,” said Gnanasekar Thiagarajan, director of Commtrendz Risk Management.
On the New York Mercantile Exchange, crude futures for September delivery CLU5, -2.04% fell 79 cents, or 1.8%, to close at $43.87 a barrel—the lowest close for a most-active contract since March 17. Oil fell 6.9% for the week, the largest drop in four weeks.
Meanwhile, Brent crude for September delivery LCOU5, -1.94% dropped 91 cents, or 1.8%, to $48.61 a barrel, its lowest close since January. Brent saw a 6.9% weekly fall, its largest since March.
Oil slipped back toward session lows after oil-services firm Baker Hughes said the number of U.S. oil rigs rose to 670 this week from 664.
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