Crude oil prices got obliterated by about four percent on the week’s last trading session as jittery investors relentlessly resorted to risk aversion after the unexpectedly disappointing US employment report dented their morale. Worries exacerbated over slowing activity in world’s largest economy after the jobs data showed US nonfarm payrolls rose by only 115,000 in April amid expectations of 168,000. The fuel prices, which tumbled over six percent for the week and registered their biggest weekly percentage loss since the week to September 23, witnessed technical selling after Nymex crude breached $100 a barrel mark and Brent crude infringed below its 200-day moving average.
Benchmark crude for June delivery got slaughtered $4.05 or 3.95% to settle at $98.49 a barrel, after trading as high as $102.72 and as low as $97.51 a barrel, on the New York Mercantile Exchange. In London, June delivery Brent crude got pounded $2.90 or 2.50% to end at $113.18 a barrel on the ICE.
DISCLAIMER: Accord Fintech provides the Content on “AS IS” basis without any express or implied warranties. Accord Fintech does not warrant the accuracy, timeliness, completeness, adequacy, merchantability, or fitness for a particular purpose of the Content, and Accord Fintech shall not be liable to Licensee or to any third party with respect to any actual or alleged inaccuracy, untimeliness, incompleteness, inadequacy, unmerchantbailty or unfitness.
Copyright 2012 Accord Fintech Pvt. Ltd., distributed by Contify.com