facebook
twitter
search
search

Traders see demand in decline with unemployment rate higher

Nov. 2, 2012 at 6:33 PM

WASHINGTON, Nov. 2 (UPI) -- Crude oil prices took a jolt Friday, dropping under $85 per barrel after a Labor Department report that said the U.S. unemployment rate rose in October.

The rate rose from 7.8 percent to 7.9 percent, in line with expectations, but enough to put a backspin on oil prices. Higher unemployment implies demand will decline.

West Texas Intermediate crude oil for December delivery gave up $2.29 cents to $84.80 per barrel on the New York Mercantile Exchange.

Reformulated gasoline in recent trading added 0.044 cents to $2.578 a gallon. Home heating oil shed 0.8 cents to hit $2.9554 a gallon.

Natural gas lost 0.5 cents to reach $3.549 per million British thermal units.

At the pump, the average price for a gallon of regular unleaded gasoline was $3.496, down from Thursday's $3.507, AAA reported.

Related UPI Stories
Latest Headlines
Trending Stories
Rapper DMX found unconscious, revived by New York police
Alaska woman claims McDonald's Happy Meal hasn't aged in six years
N.H. primary polls open: Kasich, Sanders get early leads
5 Reasons why Denver Broncos won't be repeat champions
Exposure to flashing light may prevent jet lag