Unemployment rate in USA crosses 10%: oil sinks

09-Nov-09
On Friday, crude for December delivery settled at US$77.4 on the Nymex, while Brent crude for December delivery dipped to US$75.8 in London. Oil prices have plunged by over two dollars on figures of 10% unemployment rates reported in USA. Unemployment rate has crossed 10% for the first time since 1983. Earlier in the week, financial reports showed consumers were spending more, and companies were squeezing more productivity out of their workers. Overall demand for petroleum has been lackluster through the year. Even news of a likely interruption in oil production to be caused by forecast of tropical storms sweeping through the Gulf of Mexico over the weekend has not been able to lift oil prices. This is because of general sentiment that if job market is not strong, then the economy is not strong. Since millions of jobless no longer commute to work, gasoline demand has plunged in USA.
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