7th Aug 2015 11:57
WASHINGTON (Alliance News) - Crude oil prices edged neat multi-year lows Friday morning, extending big weekly losses as global supplies continued to mount.
OPEC is pumping oil at a record pace in an effort to drive away producers from US and Canada.
WTI Crude oil for September was down 7 cents at USD44.62 a barrel, heading for a weekly loss of 4.4%.
All eyes will be on this morning's US jobs report. Another strong reading on the jobs market should compel the Federal Reserve to finally raise interest rates.
That would strengthen the dollar and dent most commodity prices.
The Labor Department is due to release its non-farm payrolls report for July at 8:30 am ET.
Economists expect payroll gains of 212,000 following the addition of 223,000 jobs by the economy in June. The jobless rate is expected to stay at 5.3%.
Copyright RTT News/dpa-AFX