UPI: Traders see demand in decline with unemployment rate higher
WASHINGTON, Nov. 2 (UPI) -- Crude oil prices took a jolt Friday morning, dropping to $86 per barrel after a Labor Department report that said the U.S. unemployment rate rose in October.
The rate rose from 7.8 percent to 7.9 percent, in line with expectations, but enough to put a backspin on oil prices. Higher unemployment implies demand will decline.
West Texas Intermediate crude oil for December delivery gave up 99 cents to $86.10 per barrel on the New York Mercantile Exchange.
Reformulated gasoline in recent trading added 0.08 cents to $2.6344 a gallon. Home heating oil shed 1.33 cents to hit $3.0199 a gallon.
Natural gas lost 0.74 cents to reach $3.625 per million British thermal units.
At the pump, the average price for a gallon of regular unleaded gasoline was $3.496, down from Thursday's $3.507, AAA reported.
