WTI oil price dips under $75 amid grim US jobs data

WTI oil prices are trading back below the $75 mark on Thursday as the latest US jobs data unexpectedly climbed and is now at a 2010 high, piling downward pressure on oil prices and stock markets alike.

US Light crude oil futures for September 2010 delivery was $74.50 a barrel, 15.30 GMT on the NYMEX, sinking over $1.50 on the day’s session highs.

Initial claims for unemployment benefits rose by 12,000 in the week ended August 14th, the Labor Department said. Economists had forecast a drop of 4,000. Claims totaled half a million in the week, the highest number since November 14th, 2009.

Oil prices had been up shortly before the Labor Department report. The agency showed first-time filings for unemployment benefits rose unexpected in the latest week to their highest lever since mid November 2009.

US and European stock markets also turned negative after the report.

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• WTI oil price ends week over $76, tracks stock markets

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WTI oil price dips under $75 amid grim US jobs data