Futures Market News
Oil futures fall in response to disappointing jobless claims report
Sep 02, 2011 09:25 AM
Crude oil futures dropped in value on Friday morning after the August jobs repoirt indicated the U.S. economy did not augment the market with new jobs for the first time in one year, Dow Jones Newswires reports.
The U.S. Labor Department jobless claims report indicated payrolls for August from the month prior neither increased nor decreased. The performance was the worst since September 2010, and the disappointment was enhanced by economists' projections of 80,000 new jobs added during the month of August.
"When the smoke clears and we see how the stock market reacts, we could see a rebound," energy derivatives and research director Carl Larry with Blue Ocean Brokerage told Dow Jones Newswires of the energy commodity's decreases. "The focus now will be on Fed stimulus. I think it's a given, now, with these jobs numbers."
At 10:02 a.m. on Friday, crude oil futures fell 2.35 percent, a $2.69 drop to $111.60 per barrel.
Bloomberg reports European Union governments voted to affix oil sanctions on Syria following the nation's forceful, deadly response to demonstrators opposed to the rule of President Bashar al-Assad. Imports of crude oil from Syria have been banned.
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