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Crude Falls as Impact of Poor US Payrolls Still Felt Today

April 9, 2012 at 18:22 by Vladimir Vyun

Crude oil fell today on the negative employment data in the United States. Nonfarm payrolls rose 120,000 in March, while an increase by 207,000 was predicted. The slower-than-expected employment growth dims prospects for the future economic activity. The payrolls were released on Friday, but markets in the USA were closed for Good Friday, while markets in Europe, as well as in some other parts of the world, are closed today, so volumes are thin and market moves may be exaggerated.

Additionally, prices fell as tensions around Iran eased. The oil-exporting country is under economical pressure and has agreed to negotiate about its nuclear program with the United Nations Security Council members and Germany. The talks are scheduled on April 14.

May futures for delivery crude oil slid as much as $1.82 (1.8 percent) to $101.49 per barrel by 12:56 on NYMEX, following the drop to $100.81, the lowest price since February 15. Brent was down from $122.80 to $122.27 per barrel as of 18:05 GMT on ICE today after reaching the low of $121.02, last seen in February 29.

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