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.
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