2017.12.0815:00:00UTC+00Crude Oil Fights Back On Nigeria Strike

Crude oil prices rose Friday amid concerns of supply disruptions from Nigeria, as workers are threatening to strike at a crucial production facility.

Increased demand from China a dwindling U.S. stockpiles also put a floor under oil prices after a swoon earlier in the week.

WTI light sweet crude oil was up 67 cents, or 1.2%, to settle at $57.36/bbl. Still, oil was down 1.5% for the week.

Baker Hughes today set the U.S. rig count rose for the third week in a row.

In economice news, the U.S. created 228,000 jobs in November, and the unemployment rate was steady at 4.1 percent.

However, average hourly employee earnings were up by 2.5 percent year-over-year in November, reflecting an acceleration from 2.4 percent in October but below estimates for 2.7 percent growth.

FTN Financial Chief Economist Chris Low: "From the Fed's perspective, there is nothing here likely to prevent a rate hike next week, but because a hike was nearly fully priced in anyway, it should not change expectations."