Oil prices fall more than 2% after weak US report.
Eight OPEC+ producers will consider further increasing production at a meeting.
By Erwin Seba
HOUSTON (Reuters) Oil prices fell on Friday, with a weak U.S. jobs report dampening the outlook for energy demand, while increased supply could grow further after OPEC and allied producers meet over the weekend.
Brent crude futures settled at $65,50 a barrel, down $1,49, or 2,22%. U.S. crude ended at $61,87, down $1,61, or 2,54%.
On Wednesday, Reuters reported that eight OPEC+ producers will consider further increasing production at a meeting on Sunday. U.S. crude oil inventories rose by 2,4 million barrels last week, instead of falling as analysts had expected.
"It's a sort of perfect storm," said Phil Flynn, senior analyst at Price Futures Group. "It started to fall with the OPEC story. The jobs report wasn't helpful. This suggests the market is weakening."
