Oil Slips Toward Second Weekly Loss as Gauges Point to US Glut

Oil headed for the second straight weekly loss as long-term headwinds for the commodity outweighed positive signs for demand in the unexpectedly strong US jobs report.

(Bloomberg) — Oil headed for the second straight weekly loss as long-term headwinds for the commodity outweighed positive signs for demand in the unexpectedly strong US jobs report.

Crude posted the biggest intraday advance since mid-January early in the day — climbing as high as $78 a barrel after the employment report — before fading later in the session. Earlier in the week, key market gauges softened and are pointing to an oversupply in the US.

Crude has swung within a $10 range this year as expectations that the global economy is headed for a slowdown weigh on prices while the prospect that China’s demand will rise support them.

Weekly data on market positioning published by the Commodity Futures Trading Commission will be delayed after a cyberattack on ION Trading UK meant some clearing members were unable to provide accurate data.

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