Oil slide continues

The price of oil slipped below $93 a barrel Friday after a weak U.S. jobs report cast doubt on the strength of the United States economy.
By JONATHAN FAHEY, Modified: April 5, 2013 at 9:40 pm •  Published: April 6, 2013
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In brief

Oil slide continues

Oil dipped below $93 a barrel Friday after a weak jobs report cast doubt on the U.S. economy.

U.S. benchmark oil fell 56 cents to close at $92.70 in New York. Brent crude fell $2.19 to close at $104.15. It was the lowest close for Brent since last July.

It was the third straight day of declines for oil. U.S. benchmark oil has fallen 5 percent since closing Tuesday at $97.19.

Oil fell earlier in the week after the Energy Department reported that storage levels were at their highest levels since 1990, even though refiners had begun to ramp up gasoline production to get ready for the summer driving season. Now the economy looks like it might not grow fast enough to churn through the nation's high supplies.

The Labor Department reported Friday the economy added 88,000 jobs in March, the fewest in nine months. The slowdown may signal the economy will weaken this spring.

Associated Press