Oil Prices Sour on Deflating Jobs Data

Oil prices were sinking on poor jobs data after the previous day's spate of upbeat economic reports drummed up optimism.

"Nonfarm payrolls just came in with an absolutely horrendous set of numbers," Summit Energy analyst Matt Smith said. "Crude immediately sells off, the dollar strengthens, equities tank, the bond market is on fire, and risk aversion is game-on."

West Texas Intermediate light sweet crude oil (WTI) for August delivery was surrendering $2.67 to $96 and the September Brent crude contact was slumping by $1.34 to $116.77.
Also weighing on the markets Friday was heightened discussions about the U.S. debt ceiling, as the country scrambles to prevent a default at the start of August; and traders taking profits. (The Street)