MTECHTIPS

MTECHTIPS:- Crude below USD82, Brent hits 17-month low on global growth woes


Crude and Brent oil futures were down sharply during European morning trade on Monday, extending heavy losses from the previous session, when dismal U.S. employment data amplified concerns over weakening global growth prospects.On the New York Mercantile Exchange, light sweet crude futures for delivery in July traded at USD81.97 a barrel during European morning trade, dropping 1.5%.It earlier fell by as much as 1.75% to trade at USD81.50 a barrel, the lowest since October 6, 2011.Energy prices came under pressure after the Department of Labor said Friday that the U.S. economy added just 69,000 jobs in May, the smallest increase in a year and far below expectations for a gain of 150,000. The unemployment rate unexpectedly ticked up to 8.2% from 8.1%, the first increase in 11 months.The number of new jobs created in April was slashed to 77,000 from an original estimate of 115,000, while job growth in March was revised down to 143,000 from a previously reported 154,000.