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Crude Oil Plunges Below $50 After Jobs Disappoint

Crude oil futures plunged Friday morning ahead of U.S. rig count data that may show the energy industry is ramping up post-Hurricane Harvey.

WTI light sweet crude oil was down $1.14 cents at $49.69 a barrel, having dropped this week on rising gasoline stockpiles.

Analysts say OPEC is trying hard to keep Russia in its supply quota deal amid Kremlin impatience with the cartel's inability to comply with production cuts.

The U.S. jobs count shrank by 33,000 jobs in September, due in part to Hurricane Harvey. It was the first contraction in seven years. The unemployment rate dipped to 4.2% as fewer people were looking for work.

Crude oil prices were lower before the news but extended losses immediately after.

by RTT Staff Writer

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