Oil prices slip on disappointing US jobs data

Oil prices fell on Friday after data showed that U.S. non-farm sector added fewer jobs than expected in July. Total non-farm payroll employment increased by 162,000 in July and the unemployment rate edged down to 7.4 percent, the Labor Department said Friday. Though July's jobless rate fell more than expected, this may be because more people have given up to seek jobs. Analysts had forecast the unemployment rate fell to 7.5 percent in July from 7. 6 percent in June. The losses, however, were limited by concerns over disruptions in Iraq, Libya and Nigeria. Crude oil prices still posted gains for the whole week, boosted by positive economic data around the globe. The U.S. real GDP increased at an annual rate of 1.7 percent in the second quarter of 2013, according to an "advance" estimate released Wednesday by the Commerce Department. Analysts had forecast 1.1 percent. The U.S. Manufacturing Purchasing Managers' Index (PMI) rose to 53.7 in July from an eight-month low of 51.9 in June, the strongest manufacturing expansion in four months, according to a report released by financial data firm Markit. China's PMI for the manufacturing sector rose slightly to 50.3 percent in July from 50.1 in June, official data revealed. Markit' s eurozone manufacturing PMI showed positive growth for the first time in two years, with the index at 50.3, up from 48.8 in June. Light, sweet crude for September delivery went down 95 cents to settle at 106.94 dollars a barrel on the New York Mercantile Exchange. For the whole week, benchmark crude for September gained 2.24 dollars a barrel, or 2 percent. Brent for September delivery dropped 59 cents to close at 108. 95 dollars a barrel. Brent gained 1.78 dollars a barrel for the whole week.