Oil Ends Sharply Lower Despite US Jobs Report

Oil prices were taken on a wild ride to end the week, as WTI and the global benchmark Brent both pushed higher after a strong US jobs report for January, but then sold off throughout the rest of the session. Brent ended up falling below $80 for the first time in several weeks, and WTI crude finishes 3.3% lower at $73.39, the lowest closing price since Jan. 4. “After responding strongly to the employment data oil prices have turned decisively lower with spot nearing a critical technical support level,” says Peter Cardillo at Spartan Capital in an email. “The strength in the dollar and backup in yields is setting the stage for spot oil prices to test the $70 area.”