US crude futures fall on underwhelming employment data

02 August 2013 15:16  [Source: ICIS news]

LONDON (ICIS)--NYMEX light-sweet crude oil futures fell by more than $1.00/bbl on Friday pressured by disappointing US payroll data.

By 14:00 GMT, the front-month September NYMEX WTI contract touched an intra-day low at $106.55/bbl, down $1.34/bbl compared to the previous close. The contract then edged higher to trade around $106.65/bbl.

At the same time, the front-month September ICE Brent contract was trading around $108.45/bbl, having touched an intra-day low at $108.40/bbl, a loss of $1.14/bbl compared to the previous settlement.

Data released on Friday indicated that employers - excluding farms - added just 162,000 jobs in July, well below the 184,000 new jobs forecast.

The data revives concerns over the US recovery. On 31 July, the US reported that its economy grew by a forecast-beating 1.70% during the second quarter, but that its first quarter GDP result had been revised from 1.80% down to 1.10%.

By: Kawai Wong
+44 20 8652 3214

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