DTN Oil Update
Oil Futures End Lower Ahead of Sunday's OPEC Meeting
DAVENPORT, Fla. (DTN) -- Oil futures slid for a third consecutive trading day Friday, pressured by weaker U.S. employment data, a build in crude and distillate inventories, and a higher North American rig count, as traders turned their focus to Sunday's OPEC meeting.
NYMEX-traded WTI for October delivery settled $1.61 lower at $61.87 bbl, and ICE Brent for November delivery fell $1.39 to $65.60 bbl.
October RBOB gasoline futures declined $0.0453 to $1.9642 gal, while October ULSD futures slipped $0.0437 to $2.2870 gal.
The U.S. Dollar Index dropped 0.580 points to 97.705.
The U.S. Labor Department reported Friday morning that non-farm payrolls increased by 22,000 in August, well below expectations for a 75,000 gain, while the unemployment rate rose to 4.3% from 4.2% in July.
The Energy Information Administration on Thursday said U.S. commercial crude oil inventories expanded by 2.4 million bbl to 420.7 million bbl last week, with cushing stocks growing by 1.6 million bbl. Distillate inventories rose by 1.7 million bbl, further weighing on prices.
Baker Hughes reported Friday that the North American rig count rose by seven to 718, led by a six-rig gain in Canada.
Market focus now turns to Sunday's OPEC meeting, where delegates are expected to discuss potential production increases that could raise global oversupply risks.
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