Oil dips but hovers near US$100 on disappointing jobs data from USA

06-Jun-11
Crude oil prices have fallen to hover at the US$100 mark, while in London standard Brent North Sea crude inched up to US$115.8. Crude-oil futures ended slightly lower as weakness in the dollar offset early losses on disappointing jobs data from USA. The Labor Department reported that nonfarm payrolls rose by 54,000 in May- one-quarter of the pace for the previous four months and below economists' expectations for a rise of 160,000. Unemployment rate rose to 9.1% from 9% a month earlier, vs forecasts for a drop to 8.9%. These figures have sparked worries the economy faces an extended period of slow growth, leading to lower oil consumption. However, futures recovered as the disappointing data and news that the International Monetary Fund and European Union were making progress.
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