Oil prices dropped sharply again on Friday morning in volatile markets after Thursday's record sell-off, with investors keeping a wary eye on key US jobs data out later in the day.
Growing concerns about the US economy have fuelled speculation in recent days that the commodities boom could be coming to an end. Markets are eagerly awaiting US non-farm payrolls data. Wall Street economists are predicting that employers added 185,000 workers in April while the unemployment rate is expected to remain at 8.8%.
US crude futures fell by more than $5 to as low as $94.63 a barrel. Brent crude was also down sharply, losing $4.89, or 4.45%, to $105.87 a barrel following a record $12 drop on Thursday. Oil prices have now fallen for five days in a row.
Earlier in Asian trading, renewed worries about supply disruptions in north Africa and the Middle East, together with rising demand from emerging economies, helped US crude move above $100 a barrel while the price of Brent crude hit $112.65.
"The 'Spivs and Vagabonds', who have spent recent months ramping up oil and commodity prices on the back of political uncertainty in north Africa and the Middle East, have had their backside handed to them in the last 48 hours," said David Buik of BGC Partners.
Jonathan Barratt, managing director of Commodity Broking Services in Sydney, told Reuters: "People are waking up to a whole new world. This is part of the adjustment process. The volatility will stay with us for some time."
Other commodities slid again, reversing an earlier rebound. Spot silver fell more than 1% to $34.45 an ounce after earlier climbing to $35.60. It had a torrid session on Thursday when it slumped 12%. It is on track for its biggest weekly loss since the early 1980s. Gold traded at $1,481.69 an ounce after rising to $1,489.79 earlier. It is heading for its worst week since March 2009.
"Silver looks headed for its steepest decline in decades on the back of the decision by the CME [derivatives market] to sharply increase its cash margin requirements," said Jane Foley at Rabobank. "The losses in oil have been linked with the expectation that the war against terror may be gaining the upper hand, though this view has been met with much scepticism."
The dollar traded slightly down against a basket of currencies after jumping 1.5% on Thursday, the biggest gain in over six months.
Growing concerns about the US economy have fuelled speculation in recent days that the commodities boom could be coming to an end. Markets are eagerly awaiting US non-farm payrolls data. Wall Street economists are predicting that employers added 185,000 workers in April while the unemployment rate is expected to remain at 8.8%.
US crude futures fell by more than $5 to as low as $94.63 a barrel. Brent crude was also down sharply, losing $4.89, or 4.45%, to $105.87 a barrel following a record $12 drop on Thursday. Oil prices have now fallen for five days in a row.
Earlier in Asian trading, renewed worries about supply disruptions in north Africa and the Middle East, together with rising demand from emerging economies, helped US crude move above $100 a barrel while the price of Brent crude hit $112.65.
"The 'Spivs and Vagabonds', who have spent recent months ramping up oil and commodity prices on the back of political uncertainty in north Africa and the Middle East, have had their backside handed to them in the last 48 hours," said David Buik of BGC Partners.
Jonathan Barratt, managing director of Commodity Broking Services in Sydney, told Reuters: "People are waking up to a whole new world. This is part of the adjustment process. The volatility will stay with us for some time."
Other commodities slid again, reversing an earlier rebound. Spot silver fell more than 1% to $34.45 an ounce after earlier climbing to $35.60. It had a torrid session on Thursday when it slumped 12%. It is on track for its biggest weekly loss since the early 1980s. Gold traded at $1,481.69 an ounce after rising to $1,489.79 earlier. It is heading for its worst week since March 2009.
"Silver looks headed for its steepest decline in decades on the back of the decision by the CME [derivatives market] to sharply increase its cash margin requirements," said Jane Foley at Rabobank. "The losses in oil have been linked with the expectation that the war against terror may be gaining the upper hand, though this view has been met with much scepticism."
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