Oil price slips as weak US jobs report gives 'reality check'

Brent crude futures settled lower by 42 cents, or 0.58%, at US$72.61 a barrel. U.S. West Texas Intermediate (WTI) crude futures were down 70 cents or 1%, at $69.29. Both benchmark oil contracts were largely steady for the week, with U.S. crude up 0.80%.(File pic show an oil field in Iraq. - Reuters)

NEW YORK: Oil prices fell on Friday after a weaker than expected U.S. jobs report indicated a patchy economic recovery that could mean slower fuel demand during a resurgent pandemic.

Losses were capped by concerns that U.S. supply would remain limited in the wake of Hurricane Ida, which cut production from the U.S. Gulf of Mexico.