Oil posts weekly losses as US data dents rate cut hopes

Brent crude futures settled at US$77.33 a barrel, shedding US$1.37, or 1.7%. US West Texas Intermediate crude futures settled at US$72.28 a barrel, falling US$1.54, or 2%.

NEW YORK: Oil prices fell by about 2% on Friday and posted weekly losses after US jobs data shrank the odds of imminent interest rate cuts in the world's largest economy, which could dampen crude demand.

Faltering growth in China and the possibility of some easing of tensions in the Middle East also reduced prices.