Friday, June 4, 2010
Disappointing Employment Numbers Drag Crude Oil Down Near $72
Stock markets dropped with the weaker than expected private sector hiring picture, and that pulled down oil prices as well. The Dow Jones Industrial Average, the NASDAQ and the S&P 500 were all down about 2 percent in late morning trading. Meanwhile, retail gasoline prices rose Friday for the first time in nearly a month, though analysts think pump prices for June are likely to continue falling, albeit at a slower pace.
Benchmark crude for July delivery dropped $2.38 at $72.23 per barrel in trading on the New York Mercantile Exchange. Earlier in the session, it climbed as high as $75.42. The contract rose $1.75 to settle at $74.61 on Thursday. "This jobs report makes it look like we're not going to see a summer boom," said Mike Lynch of Strategic Energy and Economic Research.....Read the entire article.
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