US employment data and fresh fears about Europe's bank woes
 

Disappointing US employment data and fresh fears about Europe's bank woes spreading made investors risk averse and worried about economic recovery and this took Oil prices to a tumbling side. Christophe Barret, oil analyst at Credit Agricole said: "We were expecting bigger growth in private employment and the figure looks relatively weak."
Phil Flynn, analyst at PFGBest Research in Chicago said: "Oil had some support earlier this week from the hope that positive signs from the US especially improved demand, might offset the weakness in other economies, but the jobs report lowers demand expectations."
A barrel of crude oil for July delivery now costs $3.10 lower to $71.51.