Crude oil futures turned slightly lower Friday morning, giving back some weekly gains ahead of today's closely watched U.S. jobs report.
U.S. crude for March was down 22 cents at $97.22 a barrel. The March contract briefly touched $99 before pulling back yesterday.
Natural gas edged down 3 percent despite forecasts calling for more snow and cold weather across the northern U.S.
The U.S. Labor Department is scheduled to release its non-farm payrolls report for January at 8:30 am ET. Economists estimate the economy to have added 181,000 jobs in the month, while the jobless rate is estimated to have remained unchanged at 6.7 percent.
A strong jobs report may mean more tightening from the Federal Reserve, which has scaled back the size of its bond-buying plan two months in a row.
Crude oil prices rallied after the Iraqi oil minister said OPEC and its partners were considering extending or even deepening current production cuts.
WTI crude settled at its best level s
Oil is on course for its largest third-quarter gain in 13 years as prices rose on Wednesday after the Iraqi oil minister said that OPEC and its partners are considering extending or deepening output
Short-term disruptions and lower exports from OPEC members offset signs of stronger US oil production to help give crude oil prices a lift early Tuesday.
Crude oil prices have been volatil
Iraq and some other oil producers taking part in global output cuts think they should reduce supply by an additional 1 percent to help re-balance the market, according to Iraqi Oil Minister Jabbar al
Oil prices traded close to five-month highs on Tuesday after fresh data showed key Middle Eastern producers continued to cut supply in line with an OPEC-led deal aimed at ending a crude glut.