Oil Trims Big Weekly Losses

WASHINGTON (dpa-AFX) - Crude oil futures snapped back Friday morning ahead of a closely watched U.S. jobs report for June.

Following big losses earlier in the week, Aug. WTI light sweet crude oil was up 1 percent to $45.56 a barrel.

Prices tumbled 5 percent to 2-month lows yesterday amid speculation that global markets are oversupplied.

Iranian production is growing and Canada's oil sands are getting back to normal after the Ft. McMurray wildfires.

Meanwhile, the U.S. Energy Information Administration reported that domestic crude supplies declined by 2.2 million barrels for the week ended July 1.

Traders were expecting a much larger draw down.

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