Oil Drops On More Signs Of Economic Trouble
NEW YORK (AP) — The price of oil is falling on more signs of trouble for the economy.
U.S. employers added just 80,000 jobs in June — a disappointing number that shows the economy is still struggling three years after the recession ended. Meanwhile, borrowing rates for Spain and Italy rose to distressing levels because investors feel more needs to be done to resolve Europe’s debt crisis.
As the U.S. and Europe struggle to grow, oil demand is expected to fall in the second half of the year.
Benchmark U.S. crude fell $2.60, or 3 percent, to $84.62 a barrel while Brent crude dropped $2.25 to $98.45 a barrel.
At the pump, U.S. gasoline prices rose for the fourth consecutive day, rising 2 cents to a national average of $3.358 per gallon.