Crude Oil Falls as U.S. Payrolls Slip, Factory Orders Decrease
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Crude oil dropped for a fifth day after a U.S. government report showed that employment slipped in June for the first time this year and factory orders declined more than forecast.
Oil fell 1.1 percent after the Labor Department said payrolls decreased by 125,000 last month as the government cut 225,000 temporary census workers. The 1.4 percent reduction in bookings with manufacturers was the biggest since March 2009, the Commerce Department said. Economists in a Bloomberg News survey projected a 0.5 percent drop.