A softer-than-expected labor market in the U.S. is tugging down West Texas Intermediate crude oil prices on Friday as the energy commodity was heading toward its largest weekly losses since last October, Bloomberg reports.
Concerns are growing ever stronger about the strength of the economic recovery from the Great Recession in the world's largest economy and the globe's biggest consumer of the energy commodity. The U.S. saw its job market show its weakest performance in roughly nine months after adding 88,000 jobs. For the fourth time in the past five trading sessions, crude oil futures were dropping on Friday.
"This is a disappointing jobs report and oil should trade lower," president Jason Schenker with energy consultant Prestige Economics LLC in Austin, Texas, told Bloomberg on Friday.
At 11:33 a.m. on Friday, WTI crude oil futures dropped 0.93 percent, a 92-cent fall to $92.39 per barrel. At 11:28 a.m., Brent crude oil futures lost 1.55 percent, a $1.72 dive to $104.74 per barrel.
February saw imports of crude oil fall to their lowest level in 17 years, according to Reuters, which cited data released by the U.S. Commerce Department.
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