Crude oil dropped, tracking global equity markets, after a report showed the jobless rate in America climbed to a 26 year high in September. Oil snapped two days of increases as equities slumped around the world. U.S. employers cut more jobs than forecast last month, according to a Labor Department report, raising concern that consumer spending won’t increase fuel demand. Crude is still set for a weekly increase after gasoline supplies dropped unexpectedly.
“Economic indicators are very important and there is still a lot of speculation on what oil demand will be next year,” Hannes Loacker, an analyst at Raiffeisen Zentralbank Oesterreich in Vienna, said before the jobs report. “Equity markets are declining and the crude market is declining as well.” Crude oil for November delivery dropped as much as $1.96, or 2.8 percent, to $68.86 a barrel in electronic trading on the New York Mercantile Exchange.....read the entire article
