Investing.com - Crude oil futures slipped lower on Friday, as investors locked in gains after prices rallied earlier in the week due to political unrest in Egypt, while markets awaited the release of highly anticipated U.S. jobs data later in the day.
On the New York Mercantile Exchange, light sweet crude futures for delivery in August traded at USD101.07 a barrel during European morning trade, down 0.17%.
Oil prices rallied to USD102.15 a barrel on Wednesday, the strongest level since May 4, 2012, on concerns that political unrest in Egypt would spread to major oil-producing countries in the Middle East.
President Mohammed Morsi was ousted from power Wednesday in what various media outlets reports as a military coup.
Oil prices received an additional boost after a report from the U.S. government on Wednesday showed that oil supplies fell significantly more-than-expected last week.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 10.3 million barrels in the week ended June 28, compared to expectations for a decline of 2.3 million barrels.
The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.
Oil traders were awaiting Friday’s closely watched U.S. nonfarm payrolls report for further clues on when the Federal Reserve may decide to unwind its USD85 billion-a-month stimulus program.
Data on Wednesday showed that the U.S. private sector added 188,000 jobs in June, more than expectations for an increase of 160,000.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for August delivery was up 0.03% to trade at USD105.59 a barrel, with the spread between the Brent and crude contracts standing at USD4.52 a barrel.
