Oil falls about 3% as strong US jobs data prompt interest rate concerns

Brent crude futures fell US$2.23, or 2.7%, to US$79.94 a barrel while WTI ended down US$2.49, or 3.3%, at US$73.39. — Reuters

NEW YORK: Oil prices fell to over three-week lows on Friday in a volatile session, after strong US jobs data raised concerns about higher interest rates and as investors sought more clarity on the imminent EU embargo on Russian refined products.

Brent crude futures fell US$2.23, or 2.7%, to US$79.94 a barrel, after rising to a session high of US$84.20. It hit a session low of US$79.72, its lowest since Jan. 11.