WTI Falls as Employers Add Fewer Workers Than Expected By Mark Shenk - Aug 2, 2013 7:48 PM GMT+0500 West Texas Intermediate crude dropped, paring a weekly advance, as U.S. employers added fewer workers than anticipated last month. Futures fell as much as 1.3 percent on Labor Department figures showing that payrolls rose 162,000 in July, the smallest gain in four months. A 185,000 increase was the median forecast of 93 economists surveyed by Bloomberg. Brent earlier exceeded $110 for the first time since April after Libya’s head of oil security quit as protests shut export terminals in the country. Sponsored Links Buy a link “The employment data came in soft, and that’s a worry for the market,” said Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis, which oversees $1.6 billion. “The hope has been that economic growth will accelerate, and this is another sign that it’s glacial.” WTI crude for September delivery declined 92 cents, or 0.9 percent, to $106.97 a barrel at 10:46 a.m. on the New York Mercantile Exchange. Prices are headed for a 2.2 percent gain this week. Oil rose 2.7 percent to $107.89 yesterday, the most since July 10 and the highest close since July 19. The volume of all futures traded was 2.4 percent above the 100-day average. Brent oil for September settlement dropped 78 cents, or 0.7 percent, to $108.76 a barrel on the London-based ICE Futures Europe exchange. The contract reached $110.09 earlier, topping $110 for the first time since April 3. The European benchmark grade’s premium to WTI widened to $1.79 from $1.65 yesterday. Jobless Rate
Posted on: Fri, 02 Aug 2013 15:40:52 +0000
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