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Crude oil futures settle lower amid demand worries

04 Sep 2021 Evaluate

Crude oil futures settled lower on Friday, amid worries about demand after smaller-than-expected gains in U.S. nonfarm payrolls in August. Data released Friday showed U.S. nonfarm payrolls rose by 235,000 jobs in August, well below the 720,000 increase expected by market participants surveyed by The Wall Street Journal. Oil prices moved higher earlier in the session on reports saying a slow recovery for the U.S. Gulf Coast export and refining hub from the impact of Hurricane Ida could result in a drop in oil stockpiles.

Crude oil futures for October fell 70 cents or 1 percent to settle $69.29 barrel on the New York Mercantile Exchange. November Brent crude lost 42 cents or 0.6% percent to settle at $72.61 a barrel on London's Intercontinental Exchange.