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.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.