08.03.201814:43:00UTC+00Crude Oil Wallows Near $60

Crude oil futures tumbled Thursday on expectations that the U.S. dollar will strngthen on rising interest rates.

Traders await the release of the Labor Department's closely watched monthly jobs report on Friday.

U.S. Employment is expected to jump by 200,000 jobs in February, matching the increase seen in January. The unemployment rate is expected to dip to 4.0 percent from 4.1 percent.

The Federal Reserve is then expected to raise interest rates when it meets later this month.

In the meantime, markets are convinced that U.S. oil supplies will surge over the next few years, preserving the global oil supply glut despite OPEC's effort to limit output.

April WTI oil was down $1.03, or 1.7%, to settle at $60.12/bbl, the lowest in three weeks.