Crude oil
Crude futures fell on Friday amid the worries about the slowdown in the US economy as well as low demand on the black gold. The greenback advance from daily lows also helped the crude quotation decline.
The NYMEX crude for September delivery tumbled by $1.31 or by 1.6% to $80.70 a barrel. By the end of the week, crude rose by 2.2% following July a 4.4% growth.
Crude futures decreased amid the US Labor market disappointing data. The weak jobs statistics added to worries that the Federal Reserve System will take further stimulative action on sluggish economic recovery.
The U.S. economy lost more jobs in July than it was expected, while the unemployment rate remained unchanged at 9.5%. The US non-farm payrolls dropped by 131,000 jobs because the employment increase in the private sector was not enough to level off job cut in the public sector, the Labor Department said Friday. In the prior month, the private sector growth was 71 000, but there were fired 143 000 persons employed for census operation in 2010.
Economists had expected a July slide of 60,000.
A weaker greenback makes dollar-denominated futures cheaper for market participants using other currencies. The dollar fell against the euro and yen Friday after the unemployment report.
The bleak Labor market situation has kept a lid on oil prices, as a slow recovery causes weak crude demand. Therefore, crude futures were broken amid the fundamental data.
Nonetheless, Crude oil climbed by 30% from May’s lows. There are expectations on the market that it will increase to $83 and then to $87.
 

Gold
Gold futures edged up on Friday amid the weak US Labor market data and the US dollar index decline. According to the session results, December gold contract went up $6 or 0.5% to $1205.30.
After a lull, gold may be headed for another leg higher if economic data continue to disappoint, or there is lower demand for the debt of some European countries. Fears about the European debt crisis were partly responsible for driving gold to a record above $1,260 in June.
Traders are still skeptical about the US economy being in recession.
On Thursday, an unexpected increase in weekly US claims for jobless benefits also hit equities and growth-sensitive commodities and sent investors into US government debt and gold.
Investors were also buying gold on the longer-term view that the dollar may weaken further and inflation may rise if a stuttering economic recovery causes the US to inject more money into the system.
On the back of it, fears about inflation have renewed because gold is used as a safe-haven asset against inflation. The quotation growth was a typical response of the market.