Market Chatter: Oil Heads for Biggest Weekly Drop in Six Months on Jobs
"West Texas Intermediate crude headed for the biggest weekly drop in six months as U.S. employers hired less than half the number of workers forecast in March, raising concern that economic growth won't be strong enough to support oil demand," Bloomberg reported.
It said: "Prices tumbled for the fourth time in five days after the Labor Department said payrolls climbed by 88,000, the smallest gain in nine months. Economists surveyed by Bloomberg had expected an advance of 190,000."
"WTI oil for May delivery dropped 92 cents, or 1%, to $92.34 a barrel on the New York Mercantile Exchange after falling to $91.91, the lowest intraday level since March 21. Prices are down 5% this week, heading for the biggest weekly loss since Sept. 21. Brent crude for May settlement declined $1.68, or 1.6%, to $104.66 a barrel on the London-based ICE Futures Europe exchange."
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