NEW YORK, 4 August 2007 — Oil tumbled below $76 a barrel yesterday, dragged down as US economic data fell below expectations and helped send stock markets down again.
US oil fell $1.00 to $75.86 a barrel by 1758 GMT after hitting a record $78.77 on Wednesday. London Brent slipped 72 cents to $75.04.
US stocks fell on Friday after a report showing weaker-than-expected job growth last month was followed by a report of slowing service-sector growth, rattling investors already nervous about losses in the mortgage industry. The US service sector grew much more slowly in July, according to a report by the Institute for Supply Management.
Meanwhile, Europe’s main stock markets dived yesterday. In New York at 1530 GMT, the Dow Jones Industrial Average was down 0.41 percent at 13,407.89, but off earlier lows, while the NASDAQ composite had lost 0.65 percent to 2,559.16. The broad-market Standard & Poor’s 500 index dropped 0.64 percent to 1,462.71.
The European single currency advanced against the dollar yesterday. The jobs reading sent the euro climbing as high as 1.3791 dollars, its highest level for 10 days, compared with 1.3703 dollars in New York late on Thursday.
In closing deals the euro was changing hands at 1.3787 dollars.
