Oil rose on Friday as new reports of production problems at a major U.K. oilfield and weaker-than-expected U.S. jobs data raised expectations that the U.S. Federal Reserve may slow the winding down of its commodity-friendly stimulus program.
Brent oil rose on reports of fresh production problems at the North Sea’s Buzzard oilfield, two days after an outage at the largest UK oilfield. Buzzard is the largest of the fields that contribute to the Forties crude blend, the most important of the North Sea crudes underpinning the Brent crude benchmark.
In the U.S. market, the unexpectedly weak jobs report triggered a short-term rally from the previous session’s 8-month low. U.S. oil futures rose to a session high after the market flirted with technically oversold territory for the first time in two months, but later pared gains.