NEW YORK, Jan 12 - U.S. crude oil futures ended down nearly 8 percent on Monday on demand concerns, in a follow-through of Friday's sharp losses spurred by a gloomy jobs report.
The dollar rose to a one-month high against the euro and Russia signaled it would restart natural gas supplies to Europe, both bearish for the oil markets.
Prices fell despite cold weather in the key heating oil consuming region of the U.S. Northeast and OPEC output cuts.
"The macroeconomic factors and concern about demand remain in focus," said Phil Flynn, analyst at Alaron Trading in Chicago. "But look at what the market is ignoring: OPEC cuts and the Saudis' intent to cut more, the coldest weather this year. That's really indicative of the state of oil demand."
On Friday, the government said that the U.S. unemployment rate rose in December to the highest level in 16 years.
The dollar rose to a one-month high against the euro and Russia signaled it would restart natural gas supplies to Europe, both bearish for the oil markets.
Prices fell despite cold weather in the key heating oil consuming region of the U.S. Northeast and OPEC output cuts.
"The macroeconomic factors and concern about demand remain in focus," said Phil Flynn, analyst at Alaron Trading in Chicago. "But look at what the market is ignoring: OPEC cuts and the Saudis' intent to cut more, the coldest weather this year. That's really indicative of the state of oil demand."
On Friday, the government said that the U.S. unemployment rate rose in December to the highest level in 16 years.
