Oil prices weaken at end of week on disappointing U.S. jobs data

05-Aug-13

Light, sweet crude for September delivery dipped by almost a dollar to end the previous week at US$106.9 on the Nymex, while Brent for September delivery closed at US$108. 9. The losses, however, were limited by concerns over disruptions in Iraq, Libya and Nigeria. Oil prices fell on last Friday after data showed that U.S. non-farm sector added fewer jobs than expected in July. Total non-farm payroll employment increased by 162,000 in July and the unemployment rate edged down to 7.4%. Though July's jobless rate fell more than expected, this may be because more people have given up to seek jobs. The U.S. real GDP increased at an annual rate of 1.7% in Q2-2013, according to an "advance" estimate released Wednesday by the Commerce Department. U.S. Manufacturing Purchasing Managers' Index (PMI) rose to 53.7 in July from an eight-month low of 51.9 in June, the strongest manufacturing expansion in four months, according to a report released by financial data firm Markit. China's PMI for the manufacturing sector rose slightly to 50.3% in July from 50.1% in June.