Bleak unemployment figures from USA and Europe has sunk oil prices to US$66/barrel. Weak jobs figures suggest tepid consumption that will dampen crude demand. A Labor Department report indicated 467,000 jobs were lost in June - a larger-than-expected drop that ahs pushed up unemployment rate to 9.5% at 26-year highs. Unemployment in the 16 countries that use the euro spiked to 10 year highs in May. Rising oil inventories as well as gasoline stocks in USA are evidence of weak demand.
This dip comes after oil prices touched eight month intraday highs of US$73.38 earlier this week on increasing investor concerns that doubling of crude price since March isn't justified by a sluggish global economy.
Trading on Friday was light as trading in the US was closed on account of the Independence Day holiday.
06-Jul-09 
