Oil prices eased on Friday as investors turned cautious ahead of United States jobs data that are expected to play into the Federal Reserve’s decision on the timing of any U.S. rate hike.
Brent crude for October delivery fell US$0.58 to $US50.10 after ending the previous session 18 cents higher.
Brent rose as high as US$50.87 a barrel earlier in the session.
U.S. crude for October delivery, also known as West Texas Intermediate, was down 66 cents at $US46.09 a barrel, off the day’s high of $46.85. It settled up 50 cents on Thursday.
US Trade Deficit Continues To Show Decline
Official figures show the U.S. trade deficit with the rest of the world fell to a five-month low in July.
The U.S. Commerce Department said it declined 7.4% to $41.9 billion, compared with $45.2 billion in June.
The trade deficit represents the difference between the value of what the U.S. exports to the rest of the world and what it imports.
Exports rose 0.4% to $188 billion, helped by stronger global sales of American cars.
Imports fell 1.1% to $230.4 billion dollars.
