Oil posts big weekly drop after US jobs data

Brent crude futures were down US$1.63, or 2.24%, to US$71.06 a barrel. US West Texas Intermediate crude futures fell US$1.48, or 2.14%, to US$67.67.

NEW YORK: Oil prices settled 2% lower on Friday, with a big weekly loss after data US jobs data was weaker than expected in August, which outweighed price support from a delay to supply increases by Opec+ producers.

Brent crude futures were down US$1.63, or 2.24%, to US$71.06 a barrel, their lowest level since Dec. 2021. US West Texas Intermediate crude futures fell US$1.48, or 2.14%, to US$67.67, their lowest since June 2023.