Oil prices fell by more than three percent on Thursday, heading toward its biggest weekly loss since January, with investors ignoring the conversations that might freeze OPEC production.
Investors focused on government data issued on Wednesday showing an increase of 2.3 million barrels in US crude inventories last week, more than market expectations.
International benchmark crude contracts for Brent crude dropped closer to $ 1.44 or 3.07 percent to reach 45.45 dollars a barrel settlement. US Brent crude West Texas Intermediate contract fell to $ 1.54, or 3.45 percent, to $ 43.16 a barrel. Both Brent and US crude losses amounted to about 9 percent since the beginning of the week, the biggest drop since mid-January.
Russian Energy Minister Alexander Novak said on Friday that he must discuss the global oil market trends and the general situation during the oil ministers meeting in Algeria later this month.
Novak also said that he could meet with his Iranian and Saudi counterparts during the Energy Forum, which will be held at the end of September.
Russian news agencies on Friday quoted President Vladimir Putin as saying in an interview with Bloomberg that he hopes to reach an agreement on stabilizing oil production, adding that this decision will be the right decision for the global oil market.
Analyst’s expectation on today’s announcement of the non-agricultural sectors payrolls differs where some economists expecting the achievement of 180,000 jobs, while others do not expect the arrival of numbers to this level.
Non-farm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity.