Oil falls $2 on new signs of global slowdown

Oil is plunging as a dismal report on U.S. job growth adds to worries about a slowing global economy.

Benchmark oil fell $2.34 to $84.19 per barrel Friday in New York. The nearly 3 percent drop extends a month of sharp losses due to concerns about future demand if economic growth weakens. Brent crude dropped $3.05 to $98.82 per barrel in London, its first decline below $100 since October.

The Labor Department says employers created 69,000 jobs in May, the smallest number in a year. The unemployment rate increased slightly.

New surveys indicate that China's manufacturing has slowed. And Europe continues to struggle.

At the pump, AAA says the national average for gasoline dropped about a penny overnight to $3.61 per gallon. That's down 19 cents from a month ago.

Associated Press

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