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Oil resumes fall after nonfarm payrolls

FXStreet (Córdoba) - Oil prices extended the fall to fresh weekly lows as weaker-than-expected US employment data raised concerns over the global economy outlook and dampened expectations the Fed could start hiking rates this year.

The US economy created just 142,000 new jobs in September, far below the 203,000 expected while August and July gains were downwardly revised by a combined 59,000. The unemployment rate stood at 5.1% as expected.

Crude oil for November delivery fell 1.07% to $44.24 a barrel, having hit a 1-week low of $44.17 so far. Meanwhile, Brent oil futures fell 1.1% to $47.17 a barrel.

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