Oil prices drop, post weekly losses of over 3%

Oil drilling rigs

Oil prices fell on Friday, marking the first weekly loss in three weeks, as concerns over slowing demand in the US grew following the release of the monthly jobs report.

Brent crude (Nov. delivery) declined 2.22% ($1.49) to $65.50 per barrel, posting a weekly loss of 3.84%.

WTI crude (Oct. delivery) fell 2.54% ($1.61) to $61.87 per barrel, recording a weekly decline of 3.34%.

Prices came under pressure after official data showed that the US economy added only 22,000 jobs in August, compared to expectations of 75,000, heightening fears of a slowdown in the world’s largest economy.

Meanwhile, Baker Hughes data showed the US oil rig count rose by two units to 414 during the week ending Sept. 5.