{"id":11864,"date":"2010-08-19T16:50:54","date_gmt":"2010-08-19T14:50:54","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11864\/wti-oil-price-dips-under-75-amid-grim-us-jobs-data\/"},"modified":"2010-08-19T16:50:54","modified_gmt":"2010-08-19T14:50:54","slug":"wti-oil-price-dips-under-75-amid-grim-us-jobs-data","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11864\/wti-oil-price-dips-under-75-amid-grim-us-jobs-data\/","title":{"rendered":"WTI oil price dips under $75 amid grim US jobs data"},"content":{"rendered":"

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

US and European stock markets also turned negative after the report.<\/p>\n

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