Oil slipped a little below $69 per barrel on Friday but remained close to a seven-month high, supported by a rally in stock markets and expectations that the global economic downturn may not be as severe as expected, Reuters reported. On Thursday, U.S. crude futures gained 4 percent on hints of a recovery in oil demand following data showing the number of U.S. workers filing new claims for jobless benefits fell for a third straight week. Financial markets awaited U.S. non-farm payroll figures at 1230 GMT to see if the data provided further evidence that the recession was easing in the world's biggest oil consumer. U.S. crude for July delivery was down 20 cents at $68.61 per barrel by 0940 GMT after peaking at $69.52. The market hit $69.60 a barrel on Thursday -- its highest since early November. London Brent was down 20 cents at $68.51. "For the time being, U.S. macro data seems to be what is driving crude prices, and not the fundamentals, which look uninspiring at best," said MF Global in its daily energy report.
