Crude fell to the lowest level in almost eight months as worsening employment rates in the U.S. and the euro area signaled fuel demand may tumble.

Oil dropped as much as 4.6 percent after the Labor Department said American employers added the fewest workers in a year in May. The euro region’s jobless rate reached a record high, the European Union’s statistics office in Luxembourg said. Brent dropped below $100 for the first time since October.

Crude futures for July delivery declined to $82.56, the lowest intraday level since Oct. 7 on the New York Mercantile

Brent for July settlement tumbled $3.25, or 3.2 percent, to $98.62 a barrel on the ICE Futures Europe exchange in London.

Data on employment in the nonfarm sector of the U.S., published in more than two times worse than analysts had expected, provoked the fall of the dollar, and as a consequence, the growth of gold.

Investors' concerns continues to be the U.S. labor market. After a weak social statistics on the eve of the data published on Friday, also proved to be worse than expected. Thus, the U.S. unemployment rate in May rose to 8.2% from 8.1% in April, and the number of jobs in nonagricultural sectors of the economy increased by only 69,000. The analysts expect to maintain the level of unemployment in the 8.1% increase in the number of jobs in non-agricultural sector at 150,000.

In addition, bidders disappointing labor market statistics for the euro area. The unemployment rate in the region in April reached a record level of 11%.The rising cost of precious metals has accelerated since the publication of data on the index of business activity in the industrial sector of the U.S. economy, which in May declined by 1.3 percentage points - to 53.5% from 54.8% in April. Analysts had expected a lower rate to 53.8%.

The cost of the June gold futures on the COMEX today rose to $ 1616.8 (3.1%) per ounce.

Change % Change Last

Gold 1,564 -2 -0.13%

Oil 86.51 -1.31 -1.49%