"U.S. crude oil futures fell on Friday for the fourth day in a row, hitting their lowest levels in nearly eight months and extending losses to a fifth week, as weak U.S. jobs data, soft Chinese manufacturing and the deepening euro zone crisis sparked a broad market selloff. "
"All the bleak economic news spurred further oil demand worries just a day after U.S. government data showed that domestic crude stockpiles rose for the 10th straight week last week.
Crude oil futures sank with Wall Street, which dropped more than 2 percent. The Dow industrials average crossed into negative territory for the year.
Jobs growth in the United States, the biggest oil consumer, slowed sharply for a third straight month as only 69,000 jobs were added to nonfarm payrolls in May, less than half the number expected and the smallest rise in a year. The unemployment rate ticked up to 8.2 percent from April's 8.1 percent, Commerce Department data showed."
Reuters had the story June 1, 2012.
SEE ALSO:
"Gas Prices Fall Below $3 in Two States" (Associated Press)
"Technically Speaking, Crude-Oil Prices in Trouble" (Wall St. Journal)
"Ahead of Memorial Day Travel, a Timely Drop in Gas Prices" (PBS News Hour)
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