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Oil falls after data show tepid US jobs growth
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The price of oil fell yesterday after two days of big gains, as investors took profits following a report that showed job growth slowed in the US last month.
Benchmark crude for September delivery fell 95 cents to close at US$106.94 per barrel on the New York Mercantile Exchange. Oil still finished the week up US$2.24 a barrel, or 2 percent, due to a gain of US$4.81 over Wednesday and Thursday.
US employers added 162,000 jobs in July, the government said, a modest increase and the fewest since March. Although the unemployment rate dropped to a 4 1/2-year low of 7.4 percent, that was one of few hopeful signs in an otherwise lackluster report.
Brent crude, traded on the ICE Futures exchange in London, fell 59 cents to finish at US$108.95 per barrel. Brent gained US$1.78 a barrel for the week.
In other energy futures trading on the Nymex:
— Heating oil fell 3 cents to end at US$3.07 a gallon.
— Natural gas fell 4 cents to finish at US$3.35 per 1,000 cubic feet.
— Wholesale gasoline fell 3 cents to end at US$2.99 a gallon.
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