Economics
Oil Falls as Dollar Gains After Job Growth Spurs Fed Speculation
- Dollar surges past this year's high as U.S. payrolls gain
- U.S. oil rigs drop by 6, the 10th consecutive week of declines
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Oil fell for a third day as the dollar surged following a better-than-expected U.S. jobs report.
The 271,000 gain in nonfarm payrolls last month was the biggest this year and exceeded all estimates in a Bloomberg survey of economists, a Labor Department report showed. Federal Reserve Chair Janet Yellen said this week that a U.S. interest-rate increase remains a possibility for 2015.