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Crude drops on profit-taking, shrugs off strong U.S. jobs data

Published 10/05/2012, 12:54 PM
Updated 10/05/2012, 12:55 PM

Investing.com - Crude oil futures fell on Friday amid profit-taking, as investors shrugged off surprisingly strong U.S. employment data.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at USD89.46 a barrel on Friday, down 2.45%, off from a session high of USD91.65 and up from an earlier session low of USD89.03.

Oil ignored otherwise bullish data.

The U.S. unemployment rate fell to 7.8% percent in September from 8.1% in August, the Bureau of Labor Statistics reported earlier Friday.

Employers added a net 114,000 jobs in September, while households reported that total employment rose by 873,000 in September following three months of little change.

The number of unemployed Americans stands at 12.1 million, the fewest since January 2009.

Oil gained when the news broke but later fell amid profit-taking on sentiment that despite the improvement, not enough new jobs were created last month.

More workers took on part-time jobs last month, which accounted for the drop in the headline unemployment rate.

On the ICE Futures Exchange, Brent oil futures for November delivery were up 2.94% and trading at USD111.34  a barrel, up USD21.88 from its U.S. counterpart.







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