WTI oil price drops to $72 mark on US jobs data, markets
BonTradeWTI oil price continues to have a mixed week with today’s trading session seeing the $72 mark after opening on Monday over $76 a barrel, while US jobs data and lower stock markets impact commodity prices.
US WTI Light crude oil futures for August 2010 delivery fell to $72.55 a barrel at 16.00 GMT on the NYMEX.
The US Labour Department reported that the unemployment rate fell to 9.5 per cent in June, its lowest level in nearly a year, but US employers slashed 125,000 jobs last month, the most since October 2009.
Oil prices have lost around $4 in the last five days echoing a modest downturn on US markets and continued debt problems in Europe.
“Crude oil supplies are certainly adequate given the weakness in Europe and elsewhere in developed nations” says Addison Armstrong, director of market research at Tradition Energy.
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WTI oil price drops to $72 mark on US jobs data, markets
