After jobs report Oil sinks nearly 3%

Admin — Sun, 08 Nov 2009 00:06:49 +0000

Futures fall more than $2 a barrel after the U.S. government says unemployment jumped to 10.2% in October. Oil prices fell almost 3% near $77 a barrel Friday after data showed the U.S. jobless rate jumped to a 26-1/2-year high of 10.2% in October, raising concerns about a potential rebound in fuel demand.

The Labor Department said employers cut 190,000 jobs in October, more than the 175,000 that markets had expected but fewer than the 219,000 lost in September.

Energy markets have been watching economic data for signs of recovery from the recession that slammed fuel consumption. [Full Story]

Dollar climbs after weak jobs report (CNNMoney)
Job market report disappoints Wall Street (CNNMoney)
Jobless Rate Hits 10.2% – BusinessWeek

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After jobs report Oil sinks nearly 3%