Crude Declines as U.S. Payrolls Numbers Miss Estimates
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Oil fell a second day in New York after the U.S. added fewer jobs than forecast last month while a planned meeting between labor unions and oil companies in Norway signaled output disruptions may be averted.
West Texas Intermediate futures lost as much as 2.8 percent, erasing a weekly gain. Payrolls rose 80,000 last month after a 77,000 increase in May, Labor Department figures showed today in Washington. Economists projected a 100,000 gain, according to the median estimate in a Bloomberg News survey. Norway’s Ministry of Labor said it’s called labor unions representing striking workers and the country’s Oil Industry Association in for a meeting in Oslo at 6 p.m. local time today.