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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 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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