Light Sweet Crude Settles At 70.91 A Barrel
Oil markets show light sweet crude ending trading at 70.91 dollars per barrel as traders weigh supply and demand, with analysts noting modest gains amid cautious sentiment and inventory data from the week.
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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Jun 05, 2010
Page
6
Oil markets show light sweet crude ending trading at 70.91 dollars per barrel as traders weigh supply and demand, with analysts noting modest gains amid cautious sentiment and inventory data from the week.
May saw 41,000 private jobs added as census hiring boosted total. The unemployment rate fell to 9.7 percent mainly due to people dropping out of the labor force. Wall Street fell as investors judged private hiring weak, with the Dow down over 3 percent. The report warned of slow recovery, European debt woes, and ongoing job gaps despite holidays for census workers.
U S stocks tumbled as the Labor Department reported May private hiring at 41,000, far below April and economists’ forecasts. Hungary warned of a grave economy, sending European markets lower as the Dow fell 323.31 points to 9,931.97, S&P 500 down 37.95 and Nasdaq off 83.86. All 30 Dow components declined.
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