2009-07-03: Crude Hits 1 Month Low on Rising U.S. Unemployment
Crude Oil prices tumbled about 4% Thursday, reaching its lowest level in a month. Crude also recorded its 3rd weekly loss in a row, as a disappointing jobs report rekindled concerns over U.S economic recovery. Also weighing on Crude prices was the USD’s strength against most of its crosses. Furthermore, the oversupply of Oil in the market helped weaken Oil prices, and if the situation continues, OPEC is unlikely to increase output in the group’s next meeting on September 9th.

Analysts stated that the disappointing U.S jobs numbers raised concern about the strength and timing of a U.S. and global economic recovery. The report confirmed what we saw earlier in the week with the lower U.S. Consumer Confidence figures. In turn, this reinforced the outlook for weak Crude Oil demand, and will continue the downward pressure on Crude prices into next week’s trading.