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.
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