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Oil prices hit multi-month lows

Oil prices settled higher on Friday, recouping some of this week's losses on strong US job growth data, but closed the week at their lowest levels since February, rattled by worries a recession could hit fuel demand.

Brent crude settled up 80 cents to $94.92 a barrel, 11 per cent off last Friday's settlement. US West Texas Intermediate crude settled up 47 cents to $89.01, off 8 per cent in the week. US job growth unexpectedly accelerated in July as nonfarm payrolls increased by 528,000 jobs, the largest gain since February, the US Labour Department reported. read more

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"This is strong economic data that's supporting the oil market rise today," said Bob Yawger, director of energy futures at Mizuho.

Oil traders this week have fretted about inflation, economic growth and demand, but signs of tight supply kept a floor under prices.

The number of oil rigs, an early indicator of future output, fell seven to 598 in the week to August 5, the first weekly decline in 10 weeks, energy services firm Baker Hughes Co said in its closely followed report on Friday.