Crude oil and refined product futures prices were seeing a second day of sharp losses Friday as worries sparked by disappointing jobs data continue to weigh on markets.
With Friday's drop, prices were on track for weekly losses for oil and refined products, which would mark a fourth-straight week of declines.
Crude prices were down by more than $1/bbl at about 11:15 a.m. ET, with the September contract for West Texas Intermediate crude falling by $1.60 to $76.31/bbl while October prices were $1.44 lower to $75.40/bbl. October Brent crude was $1.32 lower to $79.52/bbl while November prices were off by $1.28 to $78.95/bbl.
WTI prices are off about 1.1% from last Friday's settlement.
RBOB futures were seeing the steepest product losses, with the September contract sinking 4.45cts to $2.3980/gal while October prices were falling by 3.69cts to $2.2193/gal. RBOB prices are about 2.5% lower than the front-month settlement last Friday.
Front-month ULSD prices are about 0.5% off last week's settlement, with the September contract retreating by 3.19cts to $2.4064/gal. October prices were 3.13cts lower to $2.4228/gal.
Energy prices are being pressured after the Bureau of Labor Statistics on Friday reported U.S. job growth rose at a slower than expected rate in July, with unemployment rising to 4.3%. That news, on top of Thursday's Institute for Supply Management report indicating weakening in the job market, has raised fears of a looming economic slowdown and sparked a sell-off in both energy and equity markets.
Cash gasoline and diesel prices were falling in spot markets around the country Friday morning, with losses largely mirroring those seen on the NYMEX screen.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
--Reporting by Steve Cronin, scronin@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com
(END) Dow Jones Newswires
08-02-24 1232ET
