Oil prices dipped on Friday after posting strong overnight gains on a weaker dollar and a bigger-than-expected fall in U.S. crude stocks and were headed for small gains on the week ahead of a highly anticipated U.S. monthly jobs report, APA reports quoting Reuters .
U.S. West Texas Intermediate (WTI) crude futures fell 24 cents, or 0.3%, to $69.75 a barrel at 0200 GMT, while Brent crude futures fell 13 cents, or 0.2%, to $72.90 a barrel.
The move down was probably due to traders squaring positions ahead of the U.S. non-farm payrolls report for August, on worries the report may be weaker than consensus forecasts, said Stephen Innes, managing partner at SPI Asset Management.
Both benchmark oil contracts jumped 2% on Thursday, putting WTI on track to climb 1.5% for the week, while Brent headed for a 0.3% weekly gain.
The increase this week has been mostly based on a falling U.S. dollar, which makes oil cheaper in other currencies, and the fallout from Hurricane Ida.
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