Crude oil dips to one-week lows on weak jobs data

09-Aug-10

The US economy lost jobs for a second consecutive month in July, adding to worries that economic recovery will continue to struggle, leaving demand outlook for commodities uncertain. Crude oil futures fell for a third consecutive day- light, sweet crude for September delivery fell to US$80.7 on the Nymex, while Brent crude fell to US$80. That crude oil prices have sustained above US$80 is an indication that crude oil is taking its cues from the global economic growth. Crude oil has crossed the US$80 threshhold for the first time since May.