Oil prices tumbled this evening, hit by weaker than expected US jobs figures and a stronger US currency. US crude sank $2.83 to $71.78 a barrel, while London's Brent crude also slumped $2.83 to $72.58.
The US economy created 431,000 non-farm jobs in May, well short of the 500,000 expected by most analysts, official data showed.
The European single currency plunged to a fresh four-year low below $1.20 against the dollar, despite the weak US jobs news.
A stronger dollar tends to dampen demand for dollar-priced crude oil which becomes more expensive to buyers using weaker currencies. In turn, that pushes prices downwards.
Oil prices had jumped on Thursday after a weekly oil inventories report from the US government's Department of Energy (DoE) showed a larger than expected dip in petrol inventories, indicating stronger demand.
