Oil prices trading down two percent on latest US jobs data

Both Brent and Light crude oil prices are trading down around two percent on Thursday as the latest US jobs data sends stock markets and in turn, oil prices lower. Light crude oil futures for April delivery recently traded $78.39 a barrel on the NYMEX, while in London, Brent crude on the ICE Futures Exchange traded $1.38, or 1.8%, lower at $76.71 a barrel. The US Labor Department reported an increase of 22,000 in initial jobless claims, to 496,000 in the week ended Feb. 20, the highest since November. Economists had given an average forecast for a decline of 13,000. The Fed chairman reiterated Wednesdays comments that US interest rates will have to stay low for a lengthy period to counter a weak job market. But the latest economic reports Thursday underlined his point about soft job markets. Oil traders said US oil demand remained lacklustre but the market appeared to be taking its lead from the US dollar, which weakened after key testimony on monetary policy to Congress from Ben Bernanke, chairman of the Federal Reserve. Oil prices trading steady, awaits US crude inventory data Brent oil price trading up on latest positive US GDP data Oil prices trading down two percent on stronger US dollar Light oil trading up on heavy buying ahead of EIA report Light oil prices trading around $74, eyes on US Dollar Brent oil price trading steady on higher US stocks data Oil prices trading higher as IEA raises 2010 forecast Brent oil price hovers under $77 on higher dollar, markets The Weekly Oil Futures Wrap at Live Oil Prices Oil prices trading steady after Thursday loss, eyes on dollar Brent oil price trading under $76 on Greece Worries Brent oil price trading near $80 mark on weaker dollar Crude oil ends weeks trading higher, back near $80 Brent oil price hovers around $75, US dollar makes gains Brent oil price trading over $75, eyes on US dollar Oil prices slip lower on new China bank reserve rules Brent oil price trading static, awaits US oil inventory data US Light oil prices trading near $75, investors eye US dollar Oil prices & commodities trading higher, US dollar slides Oil prices trading higher amid stronger US Dollar, Europe

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Oil prices trading down two percent on latest US jobs data