Crisis Legal NewsClick here to add this website to your favorites
Crisis News Search >>>

Oil prices dropped below $40 Friday as the government reported U.S. employers slashed more than a half million jobs last month, the most in 35 years.

Light, sweet crude for March delivery fell $1.61 cents to $39.56 a barrel on the New York Mercantile Exchange.

The Labor Department reported 598,000 jobs were lost in January. The unemployment rate rose to 7.6 percent, the highest since 1992.

Oil traders see layoffs as an instant drag on oil demand. People have less need for gasoline when they no longer have a daily commute. They also cut their spending for toys, nonstick pans, raincoats and millions of other products that are made with petroleum.

"The economy's ugly. We know it's ugly," analyst and trader Stephen Schork said. For a sustained rebound in oil prices, "you have to stop seeing the economy contract. You have to stop seeing people get laid off. We probably won't see much of that this year."

The number of people remaining on the unemployment compensation rolls increased slightly to nearly 4.8 million, the most since records began in 1967.

Amid the gloom, some companies are performing above analysts' beaten-down expectations. Wal-Mart's sales beat Wall Street's forecasts and Macy's department store, which this week said it would slash 7,000 jobs, raised its fourth-quarter and full-year forecasts.

Investors are also watching for possible further production cuts by the Organization of Petroleum Exporting Countries, which has already promised to reduce output by 4.2 million barrels since September.

© Crisis Legal News - All Rights Reserved.

The content contained on the web site has been prepared by Legal Crisis News
as a service to the internet community and is not intended to constitute legal advice or
a substitute for consultation with a licensed legal professional in a particular case or circumstance.
 Law Firm Web Design Information
Law Promo can construct your law firm a brand new responsive website, or help you redesign your existing site to secure your place in the mobile world. We believe our work speaks for itself by showcasing quality design while reflecting our extensive experience in the online legal marketing industry. Law Firm Website Designs by Law Promo.| Law Firm Logo Design
   Latest Crisis Legal News
   Sponsored Links
Chicago Business Law Attorney
Corporate Litigation Attorneys
Fort Lauderdale Criminal Defense Lawyer
Miami Sex Crimes Lawyer
Fort Washington Employment Law Firm
Attorney Marc E. Weinstein
Santa Ana Workers' Compensation Lawyers
Car Accidents Attorneys
New Rochelle Personal Injury
Eugene Criminal Defense
Law Office of Max J Mizejewski
Family Law. Call 541.505.9872
CPA Accounting Web Design
Finanace Office Web Designs
Lorain Elyria Divorce Lawyer
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
Cobb County Criminal Attorney
Georgia Criminal Defense Lawyer
San Francisco Trademark Lawyer
San Jose Trademark Lawyer
Eugene Chapter 7 Bankruptcy Lawyer
Oregon Chapter 7 Bankruptcy Lawyer