Crude oil futures suffered losses all week, and the outlook wasn't any different by the week's end.
MarketWatch reported that crude oil prices fluctuated throughout the European session. Sweet crude futures for delivery in November traded at $90.82 a barrel, losing $0.21 in the Globex electronic session and wiping out a gain of 60 cents seen in Asian trade. For the week, crude was set to lose 3.4 percent – the biggest weekly loss for an active contract since August. The Wall Street Journal reported that Brent fell $1.31, or 1.4%, to $92.11 a barrel on ICE Futures Europe.
Analysts say that the stronger than expected U.S. jobs report, which stated that the U.S. economy added 248,000 jobs in September, and the unemployment rate fell below 6 percent for the first time since 2008, may have contributed to the continued downward pressure on the price of crude. The Wall Street Journal also stated that the dollar rose against a basket of currencies based on the favorable employment report, which also weighed on oil prices this Friday.
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