Crude Drags on Jobs Data; Imports Hit 17-Year Record Low in February

The United States Oil (NYSE: USO) and iPath S&P GSCI Crude Oil TR Index ETN (NYSE: OIL) funds are lower on the session as crude prices slipped lower on the session following nonfarm payroll data.

WTI for May delivery fell about 0.4 percent to $92.88 per barrel on the Comex Friday as payroll additions of 88,000 vastly missed the consensus calling for the addition of 190,000 jobs.

In addition, the U.S. trade gap narrowed to $43 billion as crude imports fell to the lowest level since March 1996. The U.S. imported 205 million barrels of crude in February, from 261 million barrels the prior month.

Lower jobs data might hint at expectations of slower growth and less demand for crude over the next few months. With Europe still sorting out the Cyprus issue and other euro-zone members feeling a pinch, crude prices might not break back over $100 anytime soon.

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