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Oil slides nearly 2 percent as US unemployment rate rises on surprisingly weak job creation
NEW YORK (AP) ' Oil is down 2 percent after the government indicated hiring is at a standstill in the United States.
The Labor Department said Friday that employers added the fewest jobs in nine months and the unemployment rate rose to 9.2 percent in June.
A slowdown in hiring means that gasoline demand could remain stagnant as fewer new workers join the daily commute.
Benchmark West Texas Intermediate crude for August delivery gave up $1.73 to $96.93 per barrel on the New York Mercantile Exchange. In London, Brent crude lost 44 cents to $118.17 per barrel on the ICE Futures Exchange.
Meanwhile, retail gasoline prices increased for the third day in a row, reaching $3.594 per gallon.