OIL FUTURES: Prices Drop Sharply After U.S. Jobs Data Release

Date : 07/06/2012 @ 9:32AM
Source : Dow Jones News

OIL FUTURES: Prices Drop Sharply After U.S. Jobs Data Release

By John M. Biers

Oil prices tumbled Friday after the U.S. labor department released jobs data that fell short of expectations.

Oil futures on the New York Mercantile Exchange fell from $85.72 per barrel at 8:29 a.m. ET, just before the data release, to $84.37 at 8:51 a.m. ET, and are now continuing to trend lower.

"It's a horrendous number," said analyst Stephen Schork. "It's extremely bearish for oil prices with the impression being the economy is sucking wind."

Nonfarm payrolls grew by 80,000 last month, the Labor Department said Friday. The politically important unemployment rate, obtained by a separate survey of U.S. households, was unchanged at 8.2%.

Economists surveyed by Dow Jones Newswires had forecast a gain of 100,000 in payrolls and the steady June jobless rate.

- Write to John Biers at john.biers@dowjones.com

(Jeffrey Sparshott contributed to this report)

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