West TX Oil Below $65 after U.S. Jobs Data

U.S. oil settled at a 5-year low on Friday as strong U.S. employment data did little to lift the oil market’s bearish mood a day after Saudi Arabia cut official selling prices.

U.S. crude futures settled 97 cents lower at $65.84 per barrel, its lowest level since July 29, 2009.

The January Brent crude contract dipped in and out of positive territory in afternoon trad as the market grappled with oversupply due to the U.S. shale boom and the recent decision by the Organization of Petroleum Exporting Countries not to cut production. It was down 67 cents at $70 a barrel.

CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.