BUSINESS

Oil Prices Settled Lower Amid Supply Concerns

Oil prices settled lower on Friday, as the market weighed supply concerns from the unrest in Kazakhstan and outages in Libya against a U.S. jobs report that missed expectations and its potential impact on Federal Reserve policy.

Brent crude settled down 24 cents, or 0.3%, to $81.75 a barrel, while U.S. West Texas Intermediate (WTI) crude was down 56 cents, or 0.7%, at $78.90 a barrel.

Brent gained 5.2%, while WTI gained 5% in the first week of the year, with prices at their highest since late November, spurred on by supply concerns.

Readers Bureau

Edited by Jesus Chan

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