By V. Phani Kumar and Barbara Kollmeyer, MarketWatch
MADRID (MarketWatch) ? Crude-oil futures stumbled below $82 a barrel in electronic trading Monday, finding little respite as disappointing U.S. jobs data combined with worries over the euro-zone and slowing growth in China to sap investor confidence.
July futures for light, sweet crude-oil /quotes/zigman/2203147 CLN2 -1.06% tumbled $1.35, or 1.6%, to $81.85 a barrel on Globex in European early afternoon hours Monday, extending its rapid decline from last week. Earlier in Tokyo trading hours, the price fell as low as $81.
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The front-month contract lost $3.30 Friday on the New York Mercantile Exchange after the May nonfarm payrolls report, to tally a weekly loss of 8.4%.
The U.S. dollar?s recovery from Friday?s retreat, hefty losses across Asian stock markets and the prospect of a further decline for U.S. equities ate into investor confidence.
Dow Jones Industrial Average /quotes/zigman/627449 DJIA -2.22% futures fell 26 points, or 0.2%, to 12,077, while Standard & Poor?s 500 Index /quotes/zigman/3870025 SPX -2.46% futures dropped 0.4 point to 1,273.50 in early afternoon European trading hours.
Asian stock markets were also awash with red ink, with Hong Kong?s Hang Seng Index /quotes/zigman/2622475 HK:HSI -2.01% dropping 2.4% to erase all gains accumulated earlier in 2012, while the broader Topix Index /quotes/zigman/1652094 JP:I0000 -1.89% in Tokyo slid 1.9% for its lowest finish in more than two decades. Read Asia Markets.
European markets were mixed with German stocks lower on downbeat global growth data, but banks rallying on hopes for a bailout plan in Europe, which lifted Spanish and Italian stocks.
The ICE dollar index /quotes/zigman/1652083 DXY -0.03% , which measures the greenback?s performance against six major global currencies, climbed to 82.802 from 82.878 in New York late on Friday. Read Currencies report.
/quotes/zigman/2203147 CLN2 82.35, -0.88, -1.06%The day?s losses also came after data pointed to weakness in China?s services sector. The nonmanufacturing Purchasing Managers? Index for May dropped to 55.2 in May from 56.1 in April, marking its lowest reading since the seasonally-adjusted figures were introduced in 2011, according to China Federation of Logistics and Purchasing and China?s National Bureau of Statistics. Read full story.
Among other energy products, the July futures for gasoline /quotes/zigman/2268169 RBN2 -1.06% dropped 1.5% to $2.62 per gallon and those for heating-oil /quotes/zigman/2268174 HON2 -1.27% shed 1.5% to $2.59 per gallon.
Natural-gas futures for delivery in the same month /quotes/zigman/2199357 NGN12 +2.11% , which tumbled 4% on Friday, rose 1.8%, or 4 cents, to $2.32 per million British thermal units.
/quotes/zigman/2203147
US : U.S.: Nymex
Volume: 46,813
June 4, 2012 7:08a
/quotes/zigman/627449 US : DJ-Index
Volume: 162.94M
June 1, 2012 4:30p
/quotes/zigman/3870025 US : S&P Base CME
Volume: 782.22M
June 1, 2012 4:32p
/quotes/zigman/2622475 HK : HangSeng Ind
Volume: 0.00
June 4, 2012 4:01p
/quotes/zigman/1652094 JP : Japan: Tokyo
Volume: 0.00
June 4, 2012 3:00p
/quotes/zigman/1652083 US : U.S.: ICE Futures U.S.
Volume: 0.00
June 4, 2012 7:08a
/quotes/zigman/2268169 US : U.S.: Nymex
Volume: 1,736
June 4, 2012 7:08a
/quotes/zigman/2268174 US : U.S.: Nymex
Volume: 3,726
June 4, 2012 7:08a
/quotes/zigman/2199357 US : U.S.: Nymex
Volume: 5,324
June 4, 2012 7:08a
Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau. Barbara Kollmeyer is an editor for MarketWatch in Madrid.
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