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Crude oil posted nominal gains on Friday and remained near the $68 per barrel mark for a third straight session. Employment data provided a slight spark to energy demand prospects.
Light sweet crude for October closed at $68.02, up 6 cents on the session. Prices traded between $68.39 and $67.70 throughout the session.
The market will be closed on Monday for Labor Day, but next week will be a big one in the oil its. On Wednesday, the Organization of Petroleum Exporting Countries will meet in Vienna. Most indications show the cartel will leave production levels unchanged again.
Because of the holiday, the Energy Information Administration's inventory report will be made public on Thursday, one day later than usual.
In economic news on Friday, a Labor Department report showed that non-farm payroll employment fell by 216,000 jobs in August following a revised decrease of 276,000 jobs in July. Economists had expected a loss of about 230,000 jobs compared to the loss of 247,000 jobs originally reported for the previous month. The unemployment rate jumped to 9.7 percent in August from 9.4 percent in July.
Earlier this week, the Energy Department revealed crude oil inventories decreased by 400,000 barrels in the week ended August 28. Gasoline inventories dropped 3.0 million barrels.
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