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MTECHTIPS:-Crude oil futures – weekly outlook: September 7 – 11

MTECHTIPS:-Crude oil futures – weekly outlook: September 7 – 11

Crude oil futures fell on Friday, as worries over the health of the global economy added to the concerns that a global supply glut may stick around for longer than anticipated.On the ICE Futures Exchange in London, Brent for October delivery tumbled $1.07, or 2.11%, to close at $49.61 a barrel. For the week, London-traded Brent futures lost 44 cents, or 0.88%, amid fears of a China-led global economic slowdown. Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in October shed 70 cents, or 1.5%, on Friday to end at $46.05 a barrel. Despite Friday’s losses, New York-traded oil futures rose $1.05, or 1.84%, on the week, amid indications U.S. oil drillers are cutting back on production following a collapse in prices over the summer. Industry research group Baker Hughes (NYSE:BHI) said late Friday that the number of rigs drilling for oil in the U.S. decreased by 13 last week to 662, the first weekly decline in seven weeks. The spread between the Brent and the WTI crude contracts stood at $3.56 a barrel by close of trade on Friday, below Thursday’s level of $3.98. The European Central Bank lowered its growth forecast and inflation outlook on Thursday, citing slowing growth in China and weak oil prices. Meanwhile, data in the U.S. on Friday showed that the economy added fewer jobs that expected last month, despite a decline in the unemployment rate. The Labor Department reported that the U.S. economy added 173,000 jobs in August, below forecasts for an increase of 220,000 and slowing from gains of 245,000 a month earlier.

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