Oil’s decline shadowed weak employment data showing the US private sector hired just 38,000 new workers last month compared to a forecast gain of 190,000. The figures sparked renewed fears about oil demand in the world’s biggest oil user and analysts are now bracing for the non-farm payroll report due Friday.
Meanwhile, lackluster manufacturing figures cast further gloom. The ISM manufacturing index fell to its lowest level in 18 months – offering more evidence of a struggling economic recovery. The negative data comes amid wider concerns about the global economy, with reports of slowing manufacturing growth in Europe and weak Chinese factory expansion.
Oil had climbed on Tuesday on a soft US dollar and disruptions to the Keystone pipeline between Canada and Oklahoma. Though the pipeline remained shut yesterday for repairs, the problems looked set to be remedied. The dollar remained weak, but it could not prevent oil’s slide.
Investors’ attention will today turn to the Department of Energy’s US oil inventory figures to gauge whether recent oil price hikes have dented demand for crude and gasoline as the summer driving season gets under way. Oil prices were edging up this morning ahead of the report.
Today’s retail heating oil price in the Northeast is 5 cents lower than Wednesday’s average price. For the latest updates PRESS CTR + D or visit Stock Market news Today
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