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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