Futures slid as much as 1.4 percent as trading resumed after the Easter holiday weekend. International negotiations with Iran’s government are scheduled to start this week over its nuclear program. China said inflation in March accelerated more than forecast, reducing the Chinese government’s leeway to boost the economy. The U.S. created 120,000 jobs in March, fewer than forecast and the smallest increase in five months, an April 6 report showed.
The American payroll data “raises the old question mark about the speed of the U.S. recovery,” and whether it will depress oil demand, Olivier Jakob, managing director of Switzerland-based consultant Petromatrix GmbH, said by telephone today.
Oil for May delivery declined as much as $1.44 to $101.87 a barrel in electronic trading on the New York Mercantile Exchange and was at $102.13 at 9:10 a.m. London time. The contract gained 1.8 percent to $103.31 on April 5, the latest settlement. Prices have gained 3.3 percent this year.
Brent crude for May settlement slid 89 cents to $122.54 a barrel on the London-based ICE Futures Europe exchange. The premium of the European benchmark to New York futures was at $20.41. Markets were closed in New York and London on April 6 for public holidays…”