{"id":11754,"date":"2010-08-06T20:10:38","date_gmt":"2010-08-06T18:10:38","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11754\/wti-oil-price-down-two-percent-at-80-on-us-jobs-data\/"},"modified":"2010-08-06T20:10:38","modified_gmt":"2010-08-06T18:10:38","slug":"wti-oil-price-down-two-percent-at-80-on-us-jobs-data","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11754\/wti-oil-price-down-two-percent-at-80-on-us-jobs-data\/","title":{"rendered":"WTI oil price down two percent at $80 on US jobs data"},"content":{"rendered":"

WTI oil prices fell around two percent in afternoon trading today, back down to the $80 mark as the latest grim US jobs data was weaker than had been thought.<\/p>\n

US Light crude oil futures for September 2010 delivery was trading at $80.34, 18.45 GMT on the NYMEX after opening today’s session over $82.50.<\/p>\n

“The US jobs market improvement has slowed to a glacial pace, consistent with third quarter growth even slower than the second,” said Nigel Gault, chief US Economist at IHS Global Insight.<\/p>\n

As a result, the US stock market fell on the report and all three major US indices are trading down around 1.4 percent, with oil prices and other commodities sliding lower.<\/p>\n

“Oil prices may be subject to push pull in investment sentiment as a hedge against inflation and pressure from remaining concerns over the prospects of slow economic growth,” said an energy report from Sucden Financial in London.<\/p>\n

WTI oil prices have broadly tracked stock markets recently and big movements are having a similar effect on crude futures.<\/p>\n

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