Oil prices took a hit Friday as improvements in unemployment drove up the U.S. dollar.
Crude oil, which is traded in dollars, has been climbing as a result of the ailing greenback, which encouraged investors holding stronger currencies like the pound to invest.
Reports from the labor department indicating 11.000 jobs were lost last month, the smallest number since the start of the recession; detracting from he overseas incentive. Wall Street has predicted losses of up to130,000 jobs, instead the unemployment rate dropped 0.2 percent to 10 percent.
Crude oil went up alongside the dollar at first before futures contracts began to fall on the New York Mercantile Exchange in midday trading. Energy experts are saying prices are still too high and that the ascent has happened to quickly.
The recession has driven crude oil demands way down, to less than what Americans were using ten years ago and yet crude oil and gas have increased 6 percent.
Prices at the pump have gone down around six cents but are still sky high when compared to prices a year ago.
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