NEW YORK- Oil prices fell to over three-week lows on Friday in a volatile session, after strong US jobs data raised concerns about higher interest rates and as investors sought more clarity on the imminent EU embargo on Russian refined products.
Brent crude futures fell $2.23, or 2.7 percent, to $79.94 a barrel, after rising to a session high of $84.20. It hit a session low of $79.72, its lowest since Jan. 11.
US West Texas Intermediate crude (WTI) ended down $2.49, or 3.3 percent, at $73.39, after trading between $78.00 and $73.13, its lowest since Jan. 5.
Brent registered a 7.8 percent decline this week while WTI dropped 7.9 percent.
US job growth accelerated sharply in January amid a persistently resilient labor market, but a further moderation in wage gains should give the Federal Reserve some comfort in its fight against inflation.
“The market can’t decide whether it should be nervous about a recession or more worried about the Federal Reserve being aggressive with interest rates,” said Phil Flynn, analyst at Price Futures Group.
The US central bank on Wednesday scaled back to a milder rate increase than those over the past year, but policymakers also projected that “ongoing increases” in borrowing costs would be needed. – Reuters
