NEW YORK, Oct. 2 (UPI) -- Crude oil prices were drifting moderately lower in early Friday trading after U.S. federal data show a slowdown in hiring in September.
The U.S. economy added just 142,000 jobs in September, leaving the overall unemployment rate static at 5.1 percent. The U.S. Labor Department said most of the gains came from the healthcare and information services sectors.
Brent crude oil moved lower after flirting Thursday with the $50 per barrel mark. The global benchmark for crude oil lost about 1 percent early Friday to sell for $47.20 per barrel. West Texas Intermediate, the U.S. benchmark, lost about a eight tenths of a percent from the previous close to start the trading day at $44.48 per barrel.
Labor figures released Friday show the low price of crude oil is hurting employment prospects in the extractive industries. Year-on-year, the unemployment rate in those industries increased from 6.1 percent to 11.2 percent.
Related
Crude oil prices spiked Thursday in response to Russian military intervention in Syria to support forces loyal to ally and Syrian President Bashar Assad. Further pressure was added by the threat from Hurricane Joaquin, a Category 4 storm moving slowly north along the eastern U.S. coast.
The U.S. government said this week Russia was reacting from a position of weakness because of the duel economic pressures from low crude oil prices and sanctions. Russian oil company Lukoil countered Friday crises in Syria "have absolutely no effect on the oil price."
While U.S. energy regulators are watching the storm, it's unlikely Joaquin will make landfall in the United States.
