News Column

Crude Oil Drops After Release of Jobs Data

Nov. 2, 2011
oil drums

Crude oil prices took a jolt Friday morning, dropping to $86 per barrel after a Labor Department report that said the U.S. unemployment rate rose in October.

The rate rose from 7.8 percent to 7.9 percent, in line with expectations, but enough to put a backspin on oil prices. Higher unemployment implies demand will decline.

West Texas Intermediate crude oil for December delivery gave up 99 cents to $86.10 per barrel on the New York Mercantile Exchange.

Reformulated gasoline in recent trading added 0.08 cents to $2.6344 a gallon. Home heating oil shed 1.33 cents to hit $3.0199 a gallon.

Natural gas lost 0.74 cents to reach $3.625 per million British thermal units.

At the pump, the average price for a gallon of regular unleaded gasoline was $3.496, down from Thursday's $3.507, AAA reported.

Source: Copyright United Press International 2012

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