LONDON (Reuters) - Oil steadied around $44 on Friday, not far off its lowest level in almost four years, as financial markets awaited U.S. jobs data for clues to the state of demand in the world's biggest oil consumer.
U.S. non-farm payrolls data was due at 1330 GMT (8:30 a.m. EST) and expected to show an increase of more than 300,000 in unemployment claims in November as weakening consumer and business demand prompted companies to cut jobs to reduce costs.
Oil prices have lost almost 20 percent from their settlement a week ago, and are on course for their steepest weekly decline since March 2003, following the last set of U.S. economic data.
U.S. light crude for January delivery slipped to a low of $43.39 a barrel, down 28 cents, but later recovered to trade around $44.42 at 1130 GMT (6:30 a.m. EST). The contract lost more than 6 percent on Thursday to settle at $43.67, the lowest since January 5, 2005.
London Brent crude rose 86 cents to $43.17.
"The U.S. figures could set the tone if they are bad and start to push the financial markets aggressively," said Tony Machacek, dealer as U.S. broker Bache Financial.
