Published On: Sat, Jul 11th, 2009

Crude prices swing around $60

Oil prices swung around 60 U.S. dollars per barrel on Thursday on new consumer and employment data.

The U.S. Labor Department said on Thursday that employers cut 467,000 jobs in June and the country’s unemployment rate rose to 9.5 percent, the highest in 25 years.

The nation’s retailers posted tepid sales figures on Thursday, showing consumers put off purchases of clothes and other goods last month.

Crude futures fell below 60 U.S. dollars a barrel in Thursday’s intraday trading, the first time since May.

At the closing, light, sweet crude for August delivery rose 27 cents to settle at 60.41 dollars a barrel on the New York Mercantile Exchange.

In London, Brent prices rose 67 cents to settle at 61.10 dollars a barrel on the ICE Futures exchange.  

 

Source: news.chemnet.com