Oil prices dipped Friday morning after the U.S. jobs report signaled weaker-than-expected economic growth. Brent crude, a global benchmark, floated to $66 a barrel in early morning trading before slipping to $64.50 as of 10 a.m. EDT.
U.S. employers added 223,000 jobs in April, less than the 224,000 jobs expected, the Labor Department reported Friday. The agency attributed the slowdown in employment growth in part to cheaper oil prices, which have fallen precipitously from last year's levels, when oil was trading above $100 a barrel. The price decline has prompted widespread layoffs among U.S. oil and gas companies struggling to earn profits on expensive drilling projects.