Brent crude dives after US jobs report lifts recession fears

Perhaps as one might expect the reaction in the US stock markets just now (and Europe too for that matter) has seen losses mount, but in truth they were all looking for the perfect excuse, if you ask me. So, the much weaker than expected US jobs report has provided the perfect excuse for the correction to continue and that has seen oil prices hammered at the same time. This is because recession fears are mounting and that is having a profound impact on the demand outlook for oil. So, Brent Crude, which was under pressure anyway, has now crumbled to below $78 per barrel. The low seen a moment ago was set at around $77.73. Brent for October delivery is currently trading at $77.90