Investing.com - Oil prices were lower on Friday at the end of a volatile week as the stronger dollar and concerns that the oversupply of crude will persist weighed.
On the New York Mercantile Exchange, crude oil for delivery in March settled at $31.01 a barrel at the close, down 2.25% for the day. Crude was down 7.83% for the week and is down almost 17% for the year to date.
Global benchmark Brent settled down 0.96% at $34.13 a barrel. Brent was down 4.93% for the week.
The dollar was boosted after the latest U.S. jobs report showed that while the economy added fewer than expected jobs in January, wage growth accelerated and the unemployment rate fell to an eight-year low.
The dollar index rose to 96.98 late Friday, off three-and-a-half month lows hit earlier in the session.
A stronger dollar can weigh on oil prices by making dollar-denominated oil more expensive for holders of other currencies.
Oil prices remained under pressure amid uncertainty over a possible deal between the Organization of the Petroleum Exporting Countries and other major producers to cut output in a bid to reduce one of the largest supply gluts in decades.
Venezuelan Oil Minister Eulogio Del Pino was to hold talks with his Saudi counterpart Ali al-Naimi on Sunday.
Saudi Arabia cut prices for its crude exports to Europe and Asia on Thursday, in a move designed to defend market share, lowering expectations among traders that the kingdom will be willing to participate in a production cut.
Data from the U.S. Energy Information Administration on Wednesday showed that inventories of crude oil in the U.S. stand near eight-decade highs.
In its weekly supply report the EIA said crude inventories increased by 7.8 million barrels last week, maintaining a total U.S. commercial crude inventory of 502.7 million barrels.
In the week ahead investors will be looking ahead to supply data from industry group the American Petroleum Institute on Tuesday ahead of Wednesday’s weekly government report on stockpiles.
Monday, February 8
Markets in China will be closed for the Lunar New Year holiday.
In the euro zone, Germany is to release data on industrial production.
Canada is to publish a report on building permits.
Tuesday, February 9
Markets in China will remain closed for the Lunar New Year holiday.
Australia is to release private sector data on business confidence.
The U.S. is to produce a report on the trade balance.
The API is to release its weekly crude storage report.
Wednesday, February 10
Australia is to publish a report on consumer sentiment.
Markets in China will be closed for the Lunar New Year holiday.
The U.K. is to produce data on industrial production.
Fed Chair Janet Yellen is to testify on the semiannual monetary policy report before the House Financial Services Committee in Washington.
The EIA is to publish its weekly report on crude stockpiles.
Thursday, February 11
Markets in both Japan and China will be closed for holidays.
Canada is to release data on new house price inflation.
The U.S. is to publish the weekly report on initial jobless claims.
Fed Chair Janet Yellen is to testify on monetary policy before the Senate Banking Committee in Washington.
Friday, February 12
Reserve Bank of Australia Governor Glenn Stevens is to speak in Sydney.
Markets in China will be closed for the Lunar New Year holiday.
The euro zone is to publish preliminary data on fourth quarter economic growth.
The U.S. is to round up the week with data on retail sales and consumer sentiment.