Oil Prices Rebound on US Job Losses and Ongoing Mideast Tensions

Oil prices reversed course and climbed on Friday after the US jobs report showed job losses, as well as worries over talks between Iranian and US negotiators to end fighting that has lasted five months.

Brent crude futures were up $0.84 (1.02%) at $83.33 a barrel, while West Texas Intermediate futures climbed $0.89 (1.15%) to $78.18, according to reports.

The US economy lost 23,000 jobs in July, the government reported on Friday, which analysts said means there's less likely to be intervention by the Federal Reserve to raise interest rates.

Federal Reserve rate hikes take away purchasing power from consumers because interest rates across the economy increase, sending more of the cash in consumer pocketbooks to debt issuers and not to products suppliers like fuel stations.