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Oil Price Plummets Nearly 4% on Job Cut Report
Crude oil futures plummeted nearly 4% today (Thursday) – reaching their lowest point in a month – after a disappointing jobs report ignited investor fears that the U.S. economy’s rebound may be further off than most thought.
A strengthening of the U.S. dollar against most other major currencies also weighed heavily on crude-oil prices.
The U.S. Labor Department said today employers slashed their payrolls by a larger-than-expected 467,000 in June – about 44% more than the drop of 325,000 that had been expected, according to a survey of economists conducted by MarketWatch.com. That followed a work-force reduction of 322,000 in May.
August crude…
3Jul2009 | Money Morning | 0 comments | Continued
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