Crude oil futures rallied on Friday as August’s slow job growth decreased pressure on demand for oil, according to Bloomberg MarketWatch.
On the New York Mercantile Exchange, October West Texas Intermediate crude rose $1.28, or 3%, to settle at $44.44 a barrel. For the week, prices were down roughly 6.7%.
On London’s ICE Futures Exchange, November Brent crude gained $1.38, or 3%, to settle at $46.83 a barrel. The Brent crude contract was down nearly 5.3% for the week.
Oil prices gained more ground on Friday following the release of data in the U.S. which showed the pace of hiring slowed sharply in August, rising by a less-than-expected 151,000 jobs.
“The jobs number was strong enough to signal that the economy is growing, which minimizes downside pressure on the demand for oil,” said Mark Watkins, regional investment manager at U.S. Bank’s Private Client Group in Park City, Utah.
For now, Watkins expects oil to bounce between $40 to $50 dollars per barrel, “as we continue the dance to rebalance supply and demand across the globe.”
Meanwhile, October natural gas settled flat at $2.792 per million British thermal units—down nearly 4.2% for the week on the New York Mercantile Exchange.