Oil Declines as U.S. Fails to Add Jobs; Storm Shuts Gulf Rigs
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Oil dropped in New York, trimming a second weekly gain, as the U.S. failed to add jobs last month, spurring bets that fuel consumption in the world’s largest economy will suffer.
Futures extended losses after Labor Department data showed employment in the U.S. unexpectedly stagnated in August and the jobless rate held at 9.1 percent. A tropical depression in the Gulf of Mexico prompted companies including BP Plc and Exxon Mobil Corp. to shut almost 6 percent of the area’s crude output. The storm may approach the Louisiana coast this weekend, according to the National Hurricane Center.