Back to News headlines »»

Crude oil prices fell on Friday, after Thursday's 5% slump, as the dollar hit an eight-month high against the euro and after data showed a mixed picture on the US jobs market.

Crude oil for March delivery fell $1.95 to settle at $71.19 a barrel Friday. Over the week crude fell 1.4%.

Friday's widely watched Labor Department report showed 20,000 jobs were lost in January, despite the unemployment rate falling to 9.7% from 10% in December.

Analysts had been expecting a rise of 15,000 jobs in January and for the unemployment rate to remain at 10%.

Meanwhile ongoing debt concerns in Europe pressured the euro and fuelled gains for the dollar.

Worries about lower demand from Europe and buoyant stockpile data also drove down demand for commodities.

Gold for April slumped $10.20 to $1,052.80 an ounce on Friday as the dollar rallied against the dollar. Growing concern about debt issues in Europe saw investors switch to the safe haven qualities of the dollar.

Silver for March declined 52 cents to $14.83 an ounce.