Oil drops on more signs of economic trouble - WAOW - Newsline 9, Wausau News, Weather, Sports

Oil drops on more signs of economic trouble


The price of oil is falling on more signs of trouble for the economy.

U.S. employers added just 80,000 jobs in June -- a disappointing number that shows the economy is still struggling three years after the recession ended. Meanwhile, borrowing rates for Spain and Italy rose to distressing levels because investors feel more needs to be done to resolve Europe's debt crisis.

As the U.S. and Europe struggle to grow, oil demand is expected to fall in the second half of the year.

Benchmark U.S. crude fell $2.60, or 3 percent, to $84.62 a barrel while Brent crude dropped $2.25 to $98.45 a barrel.

At the pump, U.S. gasoline prices rose for the fourth consecutive day, rising 2 cents to a national average of $3.358 per gallon.


Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WAOW. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service and Mobile Privacy Policy & Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Chief Engineer Russ Crass at 715-842-2251. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at fccinfo@fcc.gov.