Oil Falls to Lowest Level Since February: Report

By MidnightTrader.com Staff,

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Oil fell below $100 a barrel for the first time since February as U.S. employers added fewer workers than forecast, stoking concern that demand won't be enough to cap inventories at their highest level in 21 years, Bloomberg reports.

Futures declined as much as 4.9% Labor Department figures showed payrolls climbed 115,000, the smallest gain in six months. The median estimate of 85 economists surveyed by Bloomberg called for a 160,000 advance.

Crude oil for June delivery dropped $4.57, or 4.5%, to $97.97 a barrel at 1:51 p.m. on the New York Mercantile Exchange. The contract touched $97.51, the lowest level since Feb. 10. Prices are down 6.6% this week, heading for the biggest weekly decline since September.

Brent oil for June settlement fell $3.13, or 2.7%, to $112.95 a barrel on the London-based ICE Futures Europe exchange.

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This article appears in: Investing Commodities
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