Futures Market News
Crude oil futures drop after release of disappointing U.S. jobs data
May 04, 2012 03:19 PM
Underwhelming economic data about job growth in the U.S. pulled down the price of crude oil futures on Friday, according to Bloomberg.
Shortly after the U.S. Department of Labor released data noting job creation in the nation hosting the world's largest economy created the smallest amount of jobs in 180 days, the price of the energy commodity dropped nearly 4 percent. Job creation was 115,000; a Bloomberg poll estimated the figure to be as high as 160,000.
"The oil market remains focused on the economy," energy research head David Greely with Goldman Sachs Group in New York told the news service. "The economic news from Europe and the U.S. has been a little disappointing. It looks like the U.S. is growing a little slower than we expected."
At 2:56 p.m. on Friday, crude oil futures fell 2.46 percent, a $2.85 loss to $113.23 per barrel.
CNN reports the sharp losses to the energy commodity on Friday detract from the significant gains achieved during the rally over the past several months. The losses also decrease the likelihood of consumers facing the ugly prospect of $5-per-gallon gas.
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