Oil Trims First Weekly Advance in Three Before U.S. Jobs Report
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Oil fell, trimming its first weekly gain in three in New York on forecasts that a projected gain in U.S. jobs last month was probably too small to bring down the unemployment rate in the world’s largest crude user.
Futures are set for a 3.9 percent gain this week. U.S. employment rose by 55,000 workers last month, according to a Bloomberg News survey before data due today. Still, the jobless rate remained at 9.1 percent for a third month. The European Central Bank President Jean-Claude Trichet yesterday announced a bond-purchase program to tackle the region’s debt crisis.