Oil futures suffer a week loss of 4.9%

Oil futures finished lower on Friday, lifting their weekly loss to almost 5%, after a far stronger-than-expected U.S. October jobs report made a decision by the Federal Reserve to lift interest rates at its December meeting much more likely.

December West Texas Intermediate crude CLZ5, +0.88%  settled at $44.29 a barrel on the New York Mercantile Exchange, down 91 cents, or 2%. The settlement was the lowest since Oct. 27, based on the most-active contracts. Prices were about 4.9% lower for the week.

December Brent crude LCOZ5, +0.89%  on London’s ICE Futures exchange lost 56 cents, or 1.2%, to $47.42 a barrel—for a weekly loss of more than 4%.

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