Unemployment rate drops below 8 percent - New York News

Unemployment rate drops below 8 percent

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The Associated Press -

The price of oil recouped some earlier losses after the U.S. government reported an unexpected drop in the unemployment rate.

Oil gained about $1 per barrel immediately after the U.S. said the unemployment rate stands at 7.8 percent, the first time it's been below 8 percent in nearly four years. The Labor Department said employers added 114,000 jobs in August.

Oil was down about $1.20 per barrel just before the release of the jobs report.

Benchmark oil is now down 44 cents to $91.27 per barrel in electronic trading in New York. A four percent jump on Thursday followed a 4 percent decline on Wednesday as traders assess the strength of global oil demand while watching development surrounding Syria in the Middle East.

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