WTI oil price closes week at $96 on gloomy US jobs data

WTI oil futures closed off the week’s trading session back near $96 a barrel after the latest US government jobs data showed hiring in the US remained gloomy with unemployment rates rising to 9.2 percent in June.

WTI Oil Futures – Closing Price

US Light crude oil futures for August 2011 delivery ended the week’s trading session at $96.20 a barrel on the NYMEX, which was still $1.89 higher than last week’s closing price of $94.71. US light crude traded as high as $99.42 during Thursday’s session.

US Jobs and Oil Prices

Oil prices slumped after the US Labor Department said nonfarm payrolls rose 18,000 in June, well below the 125,000 expected by economists.

Analysts have been closely watching readings on US employment levels for signs that people are returning to work, hence driving more and using more oil.

“The market had anticipated something far better than what we saw. I think it’s going to give a lot of people pause about a second recovery in both the equity market and the commodity market.” said Andy Lipow at Lipow Oil Associates.

See original here: 
WTI oil price closes week at $96 on gloomy US jobs data