WTI lower on session

Crude oil prices were lower on Friday after new jobs data raised renewed concerns about the health of the US economy and on the news that Mexico has reopened ports to oil exports after several days’ closure due to inclement weather.

West Texas Intermediate crude for February delivery fell $1.33 to $97.85 per barrel near the end of floor trade on the New York Mercantile Exchange.

While oil prices fell, some analysts expect it to remain near record highs as long as OPEC does not raise production and political tensions continue in and around key oil producing regions.

Nymex February gasoline was down 3 cents to $2.51 per gallon while February heating oil was also 3 cents lower, to $2.69 per gallon.

March natural gas, however, jumped 10 cents to $7.80 per million British thermal units.