Weak Jobs Data Leads to Oil’s Biggest Weekly Drop in 6 Months

Bloomberg reported that West Texas Intermediate crude suffered its biggest weekly drop in 6 months as US jobs data showed employers in the country hired less than 50% of its March forecast.

As quoted in the market news:

WTI oil for May delivery dropped 56 cents, or 0.6 percent, to $92.70 a barrel on the New York Mercantile Exchange, the lowest settlement since March 21. The 4.7 percent weekly loss was the biggest since Sept. 21. Trading was 25 percent above the 100-day average for the time of day at 2:43 p.m.

Click here to read the full Bloomberg report.