Futures Market News
Crude oil futures drop beneath $100 per barrel
Jul 06, 2012 02:31 PM
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.
Don’t Miss Our News Updates!
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: The Future of Natural Gas in the U.S.
Are you interested in the Energy futures market? Sign up and receive our detailed report today!
Through our exclusive research, you will have access to current global events and price projections that may help you learn how this particular market has the potential to be a strong investment as a commodity.
Register for Your Free 2-Week Trial of the dt Insider Market Advisory!
With your free trial membership, you'll receive full access to our exclusive trade recommendation service and all of the timely and accurate trade information you need to feel comfortable participating in the markets.