Photographer: Derick E. Hingle/Bloomberg via Getty Images
By The Associated Press
The price of oil recouped some earlier losses after the U.S. government reported an unexpected drop in the unemployment rate.
Oil gained about $1 per barrel immediately after the U.S. said the unemployment rate stands at 7.8 percent, the first time it's been below 8 percent in nearly four years. The Labor Department said employers added 114,000 jobs in August.
Oil was down about $1.20 per barrel just before the release of the jobs report.
Benchmark oil is now down 44 cents to $91.27 per barrel in electronic trading in New York. A four percent jump on Thursday followed a 4 percent decline on Wednesday as traders assess the strength of global oil demand while watching development surrounding Syria in the Middle East.