MW: Crude oil futures slide as jobs report disappoints
By Nick Godt, MarketWatch
NEW YORK (MarketWatch) -- Crude oil futures fell nearly 2% and gold fell 0.6% Friday after the government said the U.S. economy added 431,000 jobs in May, but most of the gains were temporary and private-sector hiring remained very weak.
Crude oil futures for July delivery fell $1.58, or 2.1%, to $73.03 a barrel. Gold for August dropped $7, or 0.6%, to $1,203.10 an ounce.
"Non-farm payrolls failed to live up to the market's expectations," said Kathy Lien, director of currency research at GFT Forex.
The government tally of jobs was also weaker than the 540,000 increase expected by economists surveyed by MarketWatch. Read more on the jobs report.
While the move pressured the dollar against the yen, but a sell off in the euro remained intact, with the single currency threatening to breach below $1.20 Read more on the euro. The move kept the dollar stronger on the day, adding pressure to commodities.
