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Oil Gyrates, but Hits New Record

NEW YORK -- Oil prices jumped to a new record above $106 Friday but extended their recent pattern of choppy trading after a weak jobs report convinced many traders that the Federal Reserve's interest rate-cutting campaign will continue, according to the Associated Press.

Employers cut 63,000 jobs in February, the biggest drop in five years, the Labor Department said Friday. Investors can react to such news in one of two ways: by selling on the prospect that the economy, and demand for oil, is cooling, or by buying on a conviction that bad economic data makes it more likely the Fed will cut rates.

Posted by Peter C. T. Elsworth  at 1:27 PM to Crude oil market | Permalink

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