London: Oil fell on Friday, reversing earlier gains after nonfarm payrolls data came in weaker than expected which clouded the demand outlook from the world’s largest oil consumer.
Global benchmark Brent fell 20 cents to $47.49 a barrel by 1308 GMT. The contract had closed the previous session down 68 cents. US crude was 8 cents at $44.82 a barrel.
The oil market was factoring in a risk premium over Syria, where Russia and the United States are conducting bombing campaigns.
The situation was complicated by the arrival of hundreds of Iranian troops in Syria to join a ground offensive in support of government forces.
Fears eased over the possibility of disruption to US East Coast oil facilities by Hurricane Joaquin, also pressuring oil.
Oil is down more than 2 per cent this week, after it fell 24 per cent last quarter, with few analysts expecting a significant recovery.
“Fundamentals remain weak,” analysts at ANZ said in a note to clients.
“We continue to see weaker fundamentals drive crude oil prices lower in the short term.”
