Oil Falls Below $77

Oil fell to $76.79 in Europe today following yesterday’s stock market losses. News that Germany’s jobless rate declined to 7.5 per cent helped give European stocks a much-needed boost, although most Asian stock markets fell following a 2.7 per cent drop Tuesday in the Dow Jones industrial average.

Investors are now bracing for the US Non-Farm Payroll employment report due Friday morning.

“We don’t see Friday’s jobs report saving us from what seems to be course set for a double-dip recession,” analyst Cameron Hanover said in a report.

Source: Associated Press

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