Oil Prices Drop to 8-Month Low as US Unemployment Rises
Crude oil prices fell to an 8-month low as US unemployment rose, and also experienced less demand from the EuroZone.
Oil prices dropped 4% on Friday after the US Labor Department released their employment figures showing an increase in joblessness. This signaled an economic decline, and will result in less manufacturing — the biggest consumer of crude oil in an economy.
At the same time, the European Union released their data figures, showing the highest unemployment in the union’s history. This caused Brent oil to drop below $100 per barrel for the first time in 8 months.
Crude oil July futures dropped to $83.23 per barrel – the lowest since October 2011 – and down 8.4% this week making the biggest weekly loss since September 2011.
Brent oil July futures dropped to $98.43 on the ICE (InterContinentalExchange) in London – the lowest since January 2011 – and down 7.9% this week.
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