Oil Market Update : Epic Research Singapore

Oil futures failed to recover Friday from weekly losses that pulled prices down by more than 10%, even as the Chinese stock market rose and the U.S. jobs data came in much stronger than expected.

February West Texas Intermediate crude CLG6, -1.17%  fell 11 cents, or 0.3%, to settle at $33.16 a barrel on the New York Mercantile Exchange, after seesawing between losses and gains. For the week, prices ended 10.5% lower for the largest weekly loss since the week ended Dec. 11. The settlement was the lowest since February 2004, according to FactSet data.

February Brent crude LCOG6, -1.45% the global oil benchmark, lost 20 cents, or 0.6%, to $33.55 a barrel, for a weekly loss of about 10%. That was the lowest price settlement since June 2004.

Oil futures had climbed toward session highs after data showed the U.S. economy added 292,000 jobs in December, easily topping forecasts for a gain of 215,000. The unemployment rate remained at 5%.

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