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Oil prices rose as strong US jobs data boosted hopes for energy demand growth, but crude prices fell on a weekly basis, driven by higher OPEC exports and US production.
The US Labor Department said US employers hired more workers than expected in July and increased their wages.
Brent crude futures rose 41 cents, or 0.8 percent, to $ 52.42 a barrel in the settlement, while WTI rose 55 cents, or 1.1 percent, to $ 49.58 a barrel.
Crude futures fell in early trade before the jobs report spurred traders to buy.
On a weekly basis, Brent crude and WTI crude futures fell to the nearest one-year low. Analysts say the prices have come under pressure from rising US and OPEC production as well as increased exports, although demand has reduced losses.
While the Organization of the Petroleum Exporting Countries (OPEC) is spearheading efforts to cut output by 1.8 million bpd in cooperation with some independent producers such as Russia, the Organization’s exports in July increased to a record level, according to a report by Thomson Reuters.