Oil incurs weekly losses of more than 5%

Oil prices fell more than 5% over the past week.

Here comes the second consecutive week of losses for Brent and US crude prices

According to Reuters, oil prices rose nearly 1% on Friday after an increase of employment opportunities in the United States helped to allay some financial market concerns about a global economic slowdown that could undermine demand for crude, but oil fell more than 5% over the week to be the second consecutive week of losses.

Brent crude futures was up 66 cents, or 1.14%, at $58.37 a barrel at the end of the trading session.

U.S. West Texas Intermediate (WTI) crude futures were up 36 cents, or 0.7%, at $52.81 a barrel.

Over the course of the week, Brent oil future contracts fell 5.7% in the biggest weekly decline since July and the US crude ended the week on a 5.5% loss, also the biggest since July.

The US Labor Department said that the job opportunities growth in the United States increased at a moderate pace in September and the unemployment rate fell to a near 50-year low of 3.5%.

But the report followed a string of weak economic reports, including a sharp drop in manufacturing industries and service sector activity.

On the supply side, Saudi Energy Minister, Prince Abdul-Aziz bin Salman said that the world’s largest oil exporter had fully recovered after Abqaiq-Khurais attacks, where drones were used to attack the state-owned Saudi Aramco oil processing facilities last month, stopped pumping more than 5% of the world’s crude supply.