Bloomberg reported that oil dropped $2.77, or 3.2 percent, after a disappointing US jobs reports.

As quoted in the market news:

Oil for August delivery fell $2.77, or 3.2 percent, to settle at $84.45 a barrel on the New York Mercantile Exchange. Crude, which fell 0.6 percent this week, is down 15 percent this year. The weekly decline was the eighth in 10 weeks.

Click here to read the full Bloomberg report.