| GEO Business|
| Oil falls on jobs data, but rises slightly on week|
| Updated at: 1143 PST, Saturday, April 04, 2009|
SINGAPORE: Oil futures edged lower Friday as data showed another month of massive job losses in the U.S., though crude posted its seventh consecutive week of gains on optimism about a global economic recovery.
Crude oil for May delivery closed down 13 cents, or 0.2%, at $52.51 a barrel on the New York Mercantile Exchange.
"The jobs report was bad, but everyone was kind of expecting it," said Burton Schlichter, trading director at New World Trading. "Investors have discounted the bad news and are hoping an economic recovery."
The Group of 20 nations agreed to provide a total of $1 trillion to the International Monetary Fund and other institutions to tackle the global economic downturn. Total fiscal stimulus is expected to amount to $5 trillion.
On the other hand, London Brent North Sea for May delivery closed at $53.47 per barrel.
Oil producing countries organization, OPEC said that in the backdrop of global recession, crude prices during the current year ranging $40-$50 per barrel would be acceptable to them.