SAN FRANCISCO (MarketWatch) — Crude-oil futures on Friday fell to their lowest since mid-February as data showed that the U.S. economy created fewer jobs than expected in April, adding to worries about the health of the recovery.
Crude for June delivery CLM2 -4.82% dropped $4.32, or 4.2%, to $98.21 a barrel on the New York Mercantile Exchange. Weekly losses were hovering above 6%.
“The jobs data was the bulls’ last hope. Now the market realizes that with a slowing economy and weak demand we might drown in an ocean of supply,” said Phil Flynn, a vice president with PFGBest in Chicago.