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Crude fell to the lowest level in almost eight months as worsening employment rates in the U.S. and the euro area signaled fuel demand may tumble.
Oil dropped as much as 4.6 percent after the Labor Department said American employers added the fewest workers in a year in May. The euro region’s jobless rate reached a record high, the European Union’s statistics office in Luxembourg said. Brent dropped below $100 for the first time since October.
Crude futures for July delivery declined to $82.56, the lowest intraday level since Oct. 7 on the New York Mercantile
Brent for July settlement tumbled $3.25, or 3.2 percent, to $98.62 a barrel on the ICE Futures Europe exchange in London.
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