Thu, Nov 26 2009
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Published July 03, 2009 10:40 am - Oil hovers above $66 after weak jobs data PABLO GORONDI Associated Press Writer Oil prices hovered above $66 a barrel Friday in light holiday trading a day after grim unemployment numbers from the U.S. and Europe sent prices tumbling. By mid-afternoon in Europe, benchmark crude for August delivery was down 16 cents to $66.57 a barrel in electronic trading on the New York Mercantile Exchange. On Thursday, it fell $2.58, nearly 4 percent, to settle at $66.73. Trading in the U.S. is closed Friday for the Independence Day holiday. Oil came off an eight-month intraday high of $73.38 a barrel earlier this week on growing investor concerns that a doubling of the crude price since March isn't justified by a sluggish global economy. "Renewed concern over the global economy, reflected in lower equities, is the main driver of weaker oil market sentiment," said Britain's KBC Market Services. "However, in contrast to recent months, weak oil market fundamentals seem at last to be exerting some influence." KBC mentioned rising oil inventories and U.S. gasoline stocks as evidence of weak demand. "There is no longer a shortfall, or support, in any key sector of the oil complex," KBC said. Weak jobs figures released Thursday suggested consumption will remain tepid and crude demand may not pick up quickly. 
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