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
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
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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