Crude prices fall on US job losses

Crude oil prices fell Friday after the Labor Department said that the economy lost 17,000 jobs in January, the first time jobs haven’t been added in a month in more than 4 years, strengthening fears that demand could decline.

Meanwhile, the Organization of Petroleum Exporting Countries decided at a meeting in Vienna to hold production quotas at present levels, at least until their next meeting, when some believe that quotas could be cut.

Separately, analysts predicted that oil prices could fall more next week.

West Texas Intermediate crude for March delivery was down $2.74 to $89.01 per barrel at the close of floor trade on the New York Mercantile Exchange while March contracts for Brent crude dropped $2.78 to $89.43 per barrel despite the closure of some platforms in the North Sea due to bad weather.

Nymex March gasoline was down 7 cents to $2.29 per gallon while March heating oil fell 8 cents to $2.45 per gallon and March natural gas fell 33 cents to $7.75 per million British thermal units.