August WTI crude oil (CLQ24) on Friday closed down -0.72 (-0.86%), and Aug RBOB gasoline (RBQ24) closed down -4.22 (-1.62%).
Crude oil and gasoline prices Friday gave up early gains and closed moderately lower. Crude prices retreated Friday on US energy demand concerns after the June payroll report showed the US unemployment rate unexpectedly rose to a 2-1/2 year high, a sign of weakness in the labor market that is negative for the economy and energy demand. Crude prices also fell on Thursday's action by Saudi Aramco to cut prices for all of its oil grades to Asia for August delivery, the second straight month Saudi Aramco has cut prices.
