Crude oil futures were lower Friday morning, trimming strong recent gains ahead of the crucial U.S. jobs report and domestic rig count.
The December jobs report will be released at 8.30 am ET. The consensus is for 191,000 jobs created, down from 228,000 in November. Unemployment rate is expected to be 4.1 percent, unchanged from the prior month.
A lackluster reading may hurt the dollar and support oil prices. Conversely, traders may take profits in oil gains if a strong report signals a Federal Reserve rate hike.
WTI light sweet crude oil was down 60 cents at $61.41 a barrel, easing from 3-year highs in the previous session.
The rig count figures from Baker Hughes are due this afternoon. The rise in crude oil prices could prompt a large increase in domestic drills.
The material has been provided by InstaForex Company – www.instaforex.com
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