Oil prices dipped Friday after the government reported that the nation’s unemployment rate rose to the highest rate since late 1983 as employers eliminated 663,000 jobs.
Benchmark crude for May delivery fell 13 cents to settle at $52.51 barrel on the New York Mercantile Exchange.
With the U.S. and other nations hemorrhaging jobs, demand for gasoline and other fuels has plummeted. The unemployed are not commuting, factories are not producing as many consumer goods, and heat or electricity at millions of homes has been shut off.
Oil prices slip on poor jobless news - Oil & energy- msnbc.com
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