Despite positive economic news in the U.S. worries about China and oversupply pushed crude prices lower on Friday. February West Texas Intermediate crude lost eleven cents to settle at $33.16 a barrel on the New York Mercantile Exchange. February Brent crude dropped 20 cents to end trade at $33.55 a barrel on the London ICE Futures Exchange.
The U.S. jobs report for December showed growth of 292,000 jobs. Baker Hughes said the oil rig count dropped by 20 active rigs last week. However, it was China’s erratic stock market and slowing economy which drove traders action at the end of the week.
February natural gas fared better on Friday. The contracts on the New York Mercantile Exchange added nine cents to settle at $2.472 per million British thermal units.
