Oil flip-flops into the weekend

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RBaSixty-two years after Roger Bannister broke the four-minute mile, and we are sprinting towards the end of another crazy week. The craziness continues today, for not only is it Kentucky Derby Eve, but it is also Nonfarm Friday, which means we get official monthly US unemployment data. Hark, here are five things to consider on this sixth day of May. 

1) Data has been light elsewhere, leaving the spotlight to shine on today’s Nonfarm payrolls report. Job creation last month was considerably lower than expectations, coming in at 160k compared to the consensus of 202k. The unemployment rate remained at 5%. Average hourly earnings rose 0.3% YoY (good), while the participation rate dropped to 62.8% (bad).

2) The fire in Fort McMurray, Canada rages on. It is now estimated that up to 1 million barrels per day of Canadian production has been taken offline. To put the situation in context, Canada produces