Crude futures plummet on weaker-than-expected US jobs data

04 May 2012 15:59  [Source: ICIS news]

LONDON (ICIS)--The NYMEX WTI front-month June contract fell by more than $4.00/bbl on Friday, pressured by weaker-than-expected US jobs data amid a backdrop of bearish economic sentiment.

At 14:43 GMT, the June WTI contract had touched an intra-day low at $98.34/bbl, a loss of $4.20/bbl from Thursday's close.

At the same time, the front-month June Brent futures contract fell to an intra-day low at $112.15/bbl representing a loss of $3.93/bbl.

The US Labor department issued a report on Friday showing non-farm employment increased by just 115,000 workers in April, falling short of the expected 170,000 workers.

The data have raised fresh concerns over the recovery of the US economy and its demand for oil.

The bearish sentiment is reflected in Europe where a number of countries have officially entered a technical recession, where GDP has fallen in two consecutive quarters.

By: Kawai Wong
+44 20 8652 3214

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