Crude prices fall on disappointing employment data

07 September 2012 15:22  [Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude futures fell by more than $1.00/bbl on Friday after the US Labor Depart published a report presenting disappointing employment growth in the country.

By 13:56 GMT, the front-month October NYMEX WTI contract had touched an intra-day low of $94.08/bbl, a loss of $1.45/bbl compared with Thursday's settlement. The contract then edged a little higher to trade around $94.35/bbl.

At the same time the front-month October ICE Brent contract was trading around $112.70/bbl, having hit an intra-day low of $112.48/bbl, a loss of $1.01/bbl against Thursday’s close.

The Labor Department said on Friday that the US economy generated only 96,000 jobs in August, and while the unemployment rate fell to 8.1% from July’s 8.3% reading, that may reflect an increased number of those who have given up looking for work.

Economists had been predicting employment growth of around 130,000 for August.

By: Kawai Wong
+44 20 8652 3214

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