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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Crude oil futures drop beneath $100 per barrel

Jul 06, 2012 02:31 PM

An underwhelming U.S. jobs report pulled down the price of crude oil futures on Friday, the second straight trading session of losses for the energy commodity, Bloomberg reports.

Losses were well more than 2 percent and at one point as high as 3.4 percent, pulling down the price lower than the $100-per-barrel mark. The U.S. Labor Department indicated job creation notched 80,000 last month, which fell short of the 100,000 projected by economists.

"Coming in at 80,000, that's very disappointing and you are seeing oil prices decline on it," commodities broker Phil Streible with RJO Futures in Chicago told Bloomberg. "The U.S. economy is really stagnant right now and there will be no new increase in oil demand whatsoever."

At 2:27 p.m. on Friday, crude oil futures fell 2.41 percent, a $2.43 loss to $98.27 per barrel.

Reuters reports the weak jobs report prompts preoccupations about a reduced demand for the energy commodity.

An additional factor impacting the price of crude oil are geopolitical as negotiations between the oil industry and labor unions in Norway are set to begin again to address a labor dispute.

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