האגודה הישראלית לחקר יחסי עבודה

U.S. employment growth eased more than expected in August after two straightmonths of robust gains, the report showed.

That initially led to doubts that the Federal Reserve would hike interestrates at its Sept. 20-21 meeting. The dollar, however, rose later in the day onbets that a September rate hike remained on the cards.

Crude prices were also supported by a steadying U.S. oil rig count.

After being unchanged last week, the oil rig count provided by industry firmBaker Hughes rose by just one this week as crude prices held below the key$50-a-barrel mark that analysts and drillers said made drilling more viable.

“Notwithstanding today’s dollar-driven rally, September is usually a weaktime for oil with demand coming off the peak summer period. So if the rig countstays steady, we could finish the year at about $50,” said Jay Hatfield of NewYork-based InfraCap MLP EFT, which invests in U.S. energy projects.

Brent crude futures settled up $1.38, or 3 per cent, at $46.83 a barrel. Forthe week, Brent was down 6 per cent, its biggest drop in five weeks.

U.S. West Texas Intermediate futures rose $1.28, also 3 per cent, to settleat $44.44. WTI fell nearly 7 per cent on the week, its largest decline in eightweeks.

“It’s quite likely oil will hold at mid-$40 levels,” said Carl LarryDirector, director of business development for oil & gas at Frost &Sullivan. “More telling of how oil performs will be the rig count in comingweeks and OPEC gestures to support prices.”

In early trading on Friday, oil rose after Russian President Vladimir Putinsaid in a Bloomberg interview that he supported attempts by the Organization ofthe Petroleum Exporting Countries to implement an output freeze with other oilproducers.

OPEC, led by Saudi Arabia and other big Middle East crude exporters, willmeet non-member producers led by Russia at informal talks in Algeria from Sept.26 to 28 to discuss an output freeze.

If OPEC fails to strike a deal in Algeria, the cartel is expected to tryother measures to support oil prices during its policy meeting in Vienna on Nov.30.

Many analysts remain skeptical that it would be successful.

“The oil price will remain volatile over the coming weeks,” said Hans vanCleef, senior oil economist at ABN Amro.