Oil fell for a second day
after a report showed U.S. employers hired fewer workers than forecast in June, increasing concern
that slower economic growth will reduce
demand for oil.
Oil erased its weekly gain after the Labor Department said payrolls rose 80,000 last month, less than the 100,000 increase forecast by economists.
Coming in at 80,000, that’s very disappointing and you are seeing oil prices decline on it, the U.S. economy is really stagnant right now and there will be no new increase in oil demand whatsoever in the US and Europe.
Oil for August delivery fell $2.59, or 3 percent, to $84.63 a barrel at 10:04 a.m. on the New York Mercantile Exchange. Crude is down 14 percent this year and 0.4 percent this week.
Brent oil for August settlement declined $2.13, or 2.1 percent, to $98.57 a barrel on the London-based ICE Futures Europe exchange.
Private employment, which excludes government agencies, increased 84,000, the weakest performance in 10 months.
The market is taking the jobs number negatively, the numbers were below the consensus but probably not bad enough to trigger a third round of quantitative easing.
The unemployment rate in the US held at 8.2 percent in June, in Portugal one of the oldest economies in Europe unemployment is over 15%.
Petrol prices in Portugal are going to increase tomorow by 3 cents per litre, as summer time is a driving season petrol companies are forcing consumer prices up with no reason as the international crude prices continue to be below $100,00 a barrel.
Portugal has one of the most expensive consumer prices for petrol (gasoline) in the world.
Oil erased its weekly gain after the Labor Department said payrolls rose 80,000 last month, less than the 100,000 increase forecast by economists.
Coming in at 80,000, that’s very disappointing and you are seeing oil prices decline on it, the U.S. economy is really stagnant right now and there will be no new increase in oil demand whatsoever in the US and Europe.
Oil for August delivery fell $2.59, or 3 percent, to $84.63 a barrel at 10:04 a.m. on the New York Mercantile Exchange. Crude is down 14 percent this year and 0.4 percent this week.
Brent oil for August settlement declined $2.13, or 2.1 percent, to $98.57 a barrel on the London-based ICE Futures Europe exchange.
Private employment, which excludes government agencies, increased 84,000, the weakest performance in 10 months.
The market is taking the jobs number negatively, the numbers were below the consensus but probably not bad enough to trigger a third round of quantitative easing.
The unemployment rate in the US held at 8.2 percent in June, in Portugal one of the oldest economies in Europe unemployment is over 15%.
Petrol prices in Portugal are going to increase tomorow by 3 cents per litre, as summer time is a driving season petrol companies are forcing consumer prices up with no reason as the international crude prices continue to be below $100,00 a barrel.
Portugal has one of the most expensive consumer prices for petrol (gasoline) in the world.
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