Crude oil prices fall four percent on gloomy US jobs data

Crude oil prices have fallen over four percent in late trading on Friday, hit by weaker than expected US payrolls data and a stronger US dollar, with the Dow Jones closing under the 10,000 mark. US Light sweet crude oil futures for July delivery closed trading at $71.51 a barrel on the NYMEX, while in London, Brent crude oil futures ended at $71.71 a barrel on the ICE Futures Exchange. The latest US jobs data showed that the private sector created only 41,000 jobs however most analysts had expected 226,000 private payrolls to be added. “The US payroll figures did manage to surprise the oil market on the negative side,” said Sucden research analyst Myrto Sokou in London. The data sent stock markets and oil prices sharply lower in trading and the Dow Jones finished the week under the 10,000 mark and down over three percent. Meanwhile, the US dollar surged to its highest level against the euro in more than four years which tends to have a negative effect on oil prices. The euro sank as low as $1.1956, its weakest level since it bought $1.1920 in March 2006 and well below the $1.2182 it bought in New York late Thursday. Oil prices open trading around $72 mark, US dollar gains Crude oil prices hit 2010 trading high on falling US dollar Oil prices trading higher on Monday amid weaker US dollar Oil prices trading down two percent on stronger US dollar Crude oil prices trading lower on stronger US dollar Oil prices trading steady around $80, stronger US dollar Oil prices trading down two percent on stronger US dollar Brent oil price sinks under $72 as the Euro looses ground Oil prices trading back near $75 amid ongoing Euro concerns Light oil prices at $83 in early trading, US dollar dips Oil prices start the week trading higher on US data Euro in Greek tailspin, US dollar firms & oil prices holding out Oil prices start week trading around $85 on weak US dollar Light oil price trading up as US dollar takes a knock Oil prices trading range at $80 mark on US Dollar Index Oil prices trading lower as US dollar makes gains Oil prices trading steady, eyes on US dollar index Crude oil prices trading under $81 eyes on Fed, US dollar Light oil prices end the week well above $80 trading range Oil prices trading near 2010 highs on latest US jobs data

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Crude oil prices fall four percent on gloomy US jobs data