Crude Oil Declines Below $100 on Signs of Slowing U.S. Growth
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Oil fell after a report showed U.S. employers in May added the fewest number of workers in eight months, sparking concern that fuel demand will decline.
Futures have fluctuated from $98 to $104 a barrel this week. Payrolls increased by a less-than-projected 54,000 last month, after a revised 232,000 gain in April that was smaller than initially estimated, Labor Department figures showed today in Washington. The Organization of Petroleum Exporting Countries will respond at its June 8 conference if the world needs more crude, Saudi Arabian Oil Minister Ali Al-Naimi said yesterday.