Oil Price Drops On US Employment Data Concerns

1 October 2009 (Last Updated October 1st, 2009 18:30)

The price of oil fell to less than $70 a barrel on 2 October on concerns about the stability of the US economy ahead of the release of key employment data. US crude futures were down $1.01 to $69.81 a barrel by 08.12 GMT, after climbing $0.21 the day before and by more than $3 since Mo

The price of oil fell to less than $70 a barrel on 2 October on concerns about the stability of the US economy ahead of the release of key employment data.

US crude futures were down $1.01 to $69.81 a barrel by 08.12 GMT, after climbing $0.21 the day before and by more than $3 since Monday, Reuters reported.

The US Labor Department is expected to show that US employers shed 175,000 jobs in September 2009 after a reduction of 216,000 in August 2009, according to a forecast of economists surveyed by Bloomberg News.

But if trading stays around present levels, oil will post its biggest weekly percentage gain in more than a month.

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