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Crude prices extend losses on worse-than-expected data

English.news.cn   2014-08-02 05:51:23

NEW YORK, Aug. 1 (Xinhua) -- Crude prices in New York tumbled to the lowest settlement since Feb. 6 after data showed the U.S. non-farm payroll grew at a slower pace and the jobless rate ticked up slightly.

Light, sweet crude for September delivery moved down 29 cents to settle at 97.88 U.S. dollars a barrel on the New York Mercantile Exchange. For the week, the crude dropped 4.1 percent, marking the largest weekly fall since January.

In London, European benchmark Brent crude for September delivery lost 1.18 dollars to close at 104.84 dollars a barrel.

U.S. Labor Department said on Friday that some 209,000 new jobs were added to the U.S. economy in July following an upwardly revised 298,000 gain in the prior month, and that the unemployment rate was little changed at 6.2 percent in July from 6.1 percent in June. Both figures missed market expectations, pointing to a slack in the labor market.

Shale oil growth in the United States led to the situation that geopolitical risks are not weighing on the market as strong as in the past.

The United States produced 8.44 million barrels crude daily last week, according to the Energy Information Administration (EIA) . The production is around 10 percent higher than the same period of last year.

U.S. gasoline increased 360,000 barrels to 218.2 million last week, the highest level since March 14. U.S. peak summer driving season typically starts on the Memorial Day, which falls on May 26 this year, through to the Labor Day on Sept. 1. Analysts believe the fuel demand outlook is weak regarding the inventories level.

Editor: Mu Xuequan
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