Commodities: Jobs slip raises demand fears
An unexpected drop in US nonfarm payrolls sent oil tumbling Friday as investors fear that an economic slowdown will dampen demand for the black gold.
US light crude for March delivery fell $2.79 to $88.96 the New York Mercantile Exchange, but that was off its intraday low of $88.25.
A Labor Department report showed nonfarm payrolls fell by 17,000 in January, the first drop since August 2003, and a surprise for economists who had predicted a rise of around 70,000.
Earlier in the session, oil cartel OPEC provided no surprises as it kept current production levels unchanged, leaving investors free to concentrate on gloomy economic news.
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On the metal markets, gold turned sharply lower as a stronger dollar prompted a bout of profit taking.
April gold lost $14.50 to finish the session at $913.50 an ounce in New York, ending the week $2.70 higher, but well off its record above $940.
Elsewhere, platinum and palladium headed higher, but silver and copper both eased.
