Oil Closes Week Under $41 a Barrel

Oil closed the week under $41 a barrel as U.S. unemployment figures released Friday caused concern on future demand, Bloomberg reported.

Crude futures closed at $40.82 a barrel, down 88 cents from Thursday and $7 lower than Monday’s closing price on the New York Mercantile Exchange, Bloomberg said.

The U.S. jobless rate jumped to 7.2% last month, up from 6.7% in November, the Labor Department said early Friday.

Both OPEC and the Energy Department predict oil demand will decline again this year, after falling last year, Bloomberg reported.

Along with crude oil, diesel fuel prices have fallen steadily since setting records in mid-July, when oil was more than $145 a barrel.