Brent crude plummets to 16-month low; hit by US job data crisis
New York: Brent crude oil price tanked for four days in a row on Friday, sliding under the $100 mark a barrel to a 16-month low. The decrease in Brent crude is the result of weak US and China’s economic data which compelled investors to retract.
As job growth in the US is not making any headway, jobless rate has risen for the first time in almost a year. Owing to the US job woes, China, who is also the second largest consumer of Oil, indicated a slump in the manufacturing sector which also resulted in crude going down on Friday.
The result of weak data added to current economic worries the euro zone faces as the decrease in crude oil price will hurt demand.
Brent July crude tumbled $3.44 to settle at $98.43 a barrel, the weakest close since January 27, 2011, having pushed below $100 for the first time since October. Brent's intraday low of $97.54 was the weakest since February 2011.
With Agency inputs