Oil dropped below $100 per barrel for the first time since February following a disappointing U.S. jobs report and warnings of a weakening world economy.
Benchmark West Texas Intermediate crude fell as low as $99.90 Friday morning before edging back to $100.21 per barrel in New York. Crude prices are down 2.3 percent for the day.
Oil prices have been falling since Wednesday as analysts and traders increasingly focus on the economy. The Labor Department said Friday that the economy added just 115,000 jobs in April _ far fewer than the pace of hiring earlier this year. Government data show that U.S. oil consumption dropped 5.3 percent in the first quarter, and supplies have been growing for the past six weeks and hit a 22-year high in Cushing, Oklahoma, where benchmark crude is delivered.
Source: http://economictimes.indiatimes.com/markets/commodities/oil-drops-below-100-first-time-since-february/articleshow/12998293.cms
http://www.theequicom.com/
0731-6458808, 09200009266
Benchmark West Texas Intermediate crude fell as low as $99.90 Friday morning before edging back to $100.21 per barrel in New York. Crude prices are down 2.3 percent for the day.
Oil prices have been falling since Wednesday as analysts and traders increasingly focus on the economy. The Labor Department said Friday that the economy added just 115,000 jobs in April _ far fewer than the pace of hiring earlier this year. Government data show that U.S. oil consumption dropped 5.3 percent in the first quarter, and supplies have been growing for the past six weeks and hit a 22-year high in Cushing, Oklahoma, where benchmark crude is delivered.
Source: http://economictimes.indiatimes.com/markets/commodities/oil-drops-below-100-first-time-since-february/articleshow/12998293.cms
http://www.theequicom.com/
0731-6458808, 09200009266
