Crude oil futures settled higher on Friday as the dollar turned weak after data showed an uptick in U.S. unemployment rate in the month of February. Data from the Labor Department showed that the unemployment rate rose to 3.6% in February from 3.4% in January. The unemployment rate was expected to be unchanged. However, both benchmarks fell more than 3% on the week on U.S. interest rate hike jitters. Expectations of further rate hikes in the world’s largest economy and in Europe have clouded the global growth outlook and driven both crude benchmarks down this week.
Benchmark crude oil futures for April delivery rose $0.96 or 1.3 percent to $76.68 a barrel on the New York Mercantile Exchange. Brent crude for May delivery gained $1.19 or 1.5 percent to $82.78 a barrel on London's Intercontinental Exchange.