Oil Prices Crash After Perky Jobs Data

Crude oil prices fell on Friday afternoon following reports of strong U.S. jobs data, with WTI crashing by more than 2.5% to $73.88 The U.S. January jobs report indicates that the jobs market is stronger than expected, with employers adding 517,000 in January. This compares to economists that had expected employers had added 185,000 jobs in January. The unemployment rate in the United States is at 3.4%--the lowest rate since 1969, despite the round of tech layoffs. The Fed’s aggressive interest rate hikes are not slowing hiring as some would…