Oil prices decline, record weekly losses of over 7%

Oil drilling rigs

Oil prices fell, on Feb. 3, amid mounting speculations about the continued monetary tightening campaign in the US.

Commodities, including oil, were negatively affected by the strong US dollar increase, following a report showing that the number of new jobs increased by about 517,000 in January, exceeding expectations of 187,000.

The continued strength of the US labor market would support the Federal Reserve's continued tightening of monetary policy, which threatens to harm the economic activity.

The European Union agreed price caps on Russia's oil products, with efforts to reduce Russian energy revenues.

Brent futures for April delivery traded 2.7%, or $2.23 lower at $79.94 a barrel, with weekly losses of 7.4%.

West Texas Intermediate (WTI) crude for March delivery fell 3.3%, or $2.49, to reach $739 a barrel, with weekly losses of around 7.9%.