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Oil Prices Fall on Jobs Report

NEW YORK -- Oil futures retreated further from their record levels above $100 a barrel Friday after the government reported lower-than-expected job growth in December, adding to fears of a recession that could crimp demand for oil, according to the Associated Press.

Gas prices, meanwhile, rose 2.2 cents a gallon overnight, following crude's recent rally.

Light, sweet crude for February delivery fell $1.57 to $97.61 a barrel on the New York Mercantile Exchange Friday. Gas prices, meanwhile, jumped overnight to a national average of $3.074 a gallon, according to AAA and the Oil Price Information Service.

Posted by Peter C. T. Elsworth  at 11:25 AM to Crude oil market | Permalink

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