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Crude prices retreat on U.S. unemployment data |
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10:50, September 06, 2008 |
Crude prices retreated Friday as the latest U.S. unemployment data signaled that weak economic outlook could curb global demand.
The Labor Department said the unemployment rate spiked to 6.1 percent from 5.7 percent in July, above the 5.8 percent rate that analysts forecast.
There's been a terrific amount of growing concern about the outlook for demand globally, said analysts.
Light, sweet crude for October delivery fell 1.66 U.S. dollars to settle at 106.23 dollars a barrel on the New York Mercantile Exchange.
Source:Xinhua
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