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Oil prices fell below $100 barrel for the first time in three months.This is coming on the tail of a week of excructiatingly mixed job reports.
As we reported this morning, the BLS says just 115,000 jobs were created in April — well below analyst consensus estimates of 160K.
And earlier this week, ADP reported a similar figure of 119K jobs added.
Plus, the labour force is now at its lowest level since 1981.
But with the EIA reporting this week that crude inventories were in line with expectations, don’t expect this to last too long — producers will now almost certainly scale back supplies.
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