National News

Nov 2, 2012 11:13 AM by AP

Oil falls back after US jobs data

NEW YORK (AP) - The price of oil is falling Friday as traders worry that the shutdown of East Coast refineries due to Superstorm Sandy is hitting demand and will contribute to already ample supplies.

Some major refineries, including those owned by Phillips 66 and Hess Corp., are still shut down. Philadelphia Energy Solutions says its refinery complex has been restarted with delivery delays.

Benchmark crude fell $1.43, or 1.6 percent, to $85.66 in midday trading.

The concerns overshadowed a better-than-expected report on the labor market in October.

The Labor Department said Thursday that employers added 171,000 jobs last month, while the unemployment rate ticked up to 7.9 percent. More jobs were also added in the previous two months than was first reported.

That suggests the slow economic recovery remains on track.

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