Oil traded near its lowest level since February and headed for a weekly decline after a U.S. Labor Department report showed payrolls increased less than economists predicted last month.
Futures fell as much as 2.1 percent. Employers in the U.S. added fewer workers than forecast in April and the jobless rate unexpectedly declined as people left the labor force.
“There were some fears that it could be worse, but it’s not a great number either so everything is in standstill after the release,” Olivier Jakob, managing director of Switzerland- based consultant Petromatrix GmbH said by e-mail,
Crude for June delivery on the New York Mercantile Exchange fell as much as $2.11 to $100.43 a barrel, the lowest since Feb. 14, and was at $100.66 at 1:46 p.m. London time. Prices are down 4.1 percent this week and poised for the first weekly decline in three.
To contact the reporter on this story: Lananh Nguyen in London at firstname.lastname@example.org
To contact the editor responsible for this story: Stephen Voss at email@example.com