Despite concerns about the outlook of energy demand, crude oil prices rose higher Friday. The dollar was weaker after data showed a rise in the U.S. employment rate for February.
West Texas Intermediate Crude Oil Futures ended April higher at $0.96 or 1.3% at $76.68/barrel. This was after three days of losses.
Oil futures have seen a sharp drop in oil prices this week, resulting in a weekly loss of less than 4%.
Brent crude futures rose $1.03, or 1.26%, to 82.62 per barrel a few minutes ago.
According to data from the Labor Department, the unemployment rate increased to 3.6% in February, from 3.4% in January. The unemployment rate was expected not to change.
The wage growth was 0.2% month-overmonth and 4.6% year over year, which is below the expectations of 0.3% and 4.7% respectively.
However, nonfarm payroll employment jumped by 311,000 jobs to February after rising by 504,000 jobs in January.
Economists expected that employment would rise by 205,000 jobs, compared to the 517,000 job surge reported the month before.
Russia’s March decision to reduce oil production by 500,000 barrels per hour contributed to an increase in oil prices.