Oil prices fell on Friday

International benchmarks for oil prices dipped lower on Friday (3 June) after surprisingly weak US job report raised concern over the demand prospect. In addition, the number of oil rigs count in the US rose the first time in in 11 weeks by 9, according to Baker Hughes Inc., a possible reaction to the lure of higher crude prices. Another factor weighted down the market on Friday is that several outages previously are set to come back as ExxonMobil lifted force majeure declaration in Nigeria, which hint the recovery of Nigerian suppliers in the near term.

WTI closed at $48.62/barrel (-$0.55) July delivery

Brent closed at $49.64/barrel (-$0.44) August delivery