Date: Monday 09 Aug 2010
Crude oil futures fell on Friday for the third consecutive session as a weaker than expected jobs report fuelled concern about energy demand.
Crude for September delivery finished the day down $1.31 at $80.70 a barrel on the New York Mercantile Exchange.
Widely watched data from the Labor Department largely disappointed. The economy shed 131,000 jobs in July with 143,000 public sector census workers being laid off.
Private non-farm payrolls expanded by 71,000 in July compared with the 83,000 jobs created in June. Economists had forecast the private sector would add 100,000 jobs in July. The unemployment rate was steady at 9.5%, better than expectations of a rise to 9.6%.
Friday's figures added to recent economic data, which are painting an increasingly sombre picture of the recovery.
Crude oil futures rose above $80 a barrel at the start of the week for the first time in three months, but investors will be keeping a close eye on upcoming data to assess future demand for commodities.
Crude for September delivery finished the day down $1.31 at $80.70 a barrel on the New York Mercantile Exchange.
Widely watched data from the Labor Department largely disappointed. The economy shed 131,000 jobs in July with 143,000 public sector census workers being laid off.
Private non-farm payrolls expanded by 71,000 in July compared with the 83,000 jobs created in June. Economists had forecast the private sector would add 100,000 jobs in July. The unemployment rate was steady at 9.5%, better than expectations of a rise to 9.6%.
Friday's figures added to recent economic data, which are painting an increasingly sombre picture of the recovery.
Crude oil futures rose above $80 a barrel at the start of the week for the first time in three months, but investors will be keeping a close eye on upcoming data to assess future demand for commodities.
Gold’s safe haven qualities were in demand on Friday as investors worried about the US job market.
Gold for December delivery rose $6.00 to $1205.30 an ounce in New York. Silver for September rose 15.1 cents to settle at $18.472 an ounce while copper for the same month lost 0.3% to $3.34 a pound.
source:digitallok
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