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- Oil prices decrease after the release of the U.S. labour market data
Oil prices decrease after the release of the U.S. labour market data
Oil prices declined after the release of the U.S. labour market data. The U.S. economy added 173,000 jobs in August, missing expectations for a rise of 220,000 jobs, after a gain of 245,000 jobs in July. July's figure was revised up from a rise of 215,000 jobs.
The U.S. unemployment rate dropped to 5.1% in August from 5.3% in July, exceeding expectations for a decline to 5.2%. It was the lowest level since April 2008.
Average hourly earnings rose 0.3% in August, beating forecasts of a 0.2% gain, after a 0.2% increase in July.
The activity in the market may be limited on Friday, according to analysts. Chinese markets were closed for a public holiday today. U.S. markets will be closed for a Labour Day holiday on Monday.
Concerns over the global oil oversupply continue to weigh on oil prices.
Market participants are awaiting the release of the number of active U.S. rigs later in the day. The oil driller Baker Hughes reported that the number of active U.S. rigs rose by 1 rigs to 675 last week. It was the sixth consecutive increase.
WTI crude oil for October delivery declined to $45.76 a barrel on the New York Mercantile Exchange.
Brent crude oil for October fell to $50.43 a barrel on ICE Futures Europe.
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