By Claudia Assis and Barbara Kollmeyer, MarketWatch
SAN FRANCISCO (MarketWatch) ? Crude-oil futures fell sharply on Monday, hit by a disappointing report on U.S. employment late last week and ahead of international talks over Iran?s nuclear program.
Crude-oil futures for May delivery /quotes/zigman/2203141 CLK2 -1.78% ?fell $1.90, or 1.8%, to $101.41 a barrel in the New York Mercantile Exchange.
The market reopened Monday after being closed for the Good Friday holiday. On Thursday, oil rose $1.84, or 1.8%, to settle at $103.31 a barrel on the New York Mercantile Exchange.
Doubts about the strength of the U.S. economic recovery crept into oil markets after data from the Labor Department on Friday showed 120,000 jobs were generated in March. That fell short of expectations for a gain of 210,000. Read more in Economic Report
How will Bernanke frame jobs data?
Fed chairman Ben Bernanke has a big speech Monday night, where he may be asked to discuss Friday's weak jobs report.
Upbeat economic assessments of the U.S. and global economy tend to be positive for oil prices, as they stoke hopes for more oil consumption.
The opposite often weighs on the commodity on the view that hard-pressed consumers and industries will reduce their demand for oil.
U.S. stocks opened lower in Wall Street, while gold futures rose as the disappointing jobs data fueled some talks of more economic stimulus.
The dollar retreated against the Japanese yen, which is often viewed as a safe-haven currency, amid the rekindled concerns about the U.S. economy.
Meanwhile, data from China showed consumer prices rose more than expected in March. Read more on China inflation
Oil was also under pressure ahead of talks taking place this week between Iran and major global powers, including the U.S. and China over the country?s nuclear program. Media reports said those talks are due to begin Friday in Istanbul, Turkey.
Oil has been gaining on fears that tensions over Iran would cut into global oil supplies.
Meanwhile, May natural gas futures /quotes/zigman/2199351 NGK12 +0.10% ?gained less than 1 cent to $2.09 per million British thermal units.
Natural-gas futures ended at the $2.09 level on Thursday, their lowest settlement since early February 2002 after data showed a bigger-than-expected increase in inventories.
May gasoline /quotes/zigman/2249548 RBK2 -2.11% ?fell 5 cents, or 1.6%, to $3.29 a gallon, after closing 1 cent higher to $3.34 a gallon on Thursday
May heating oil /quotes/zigman/2249539 HOK2 -1.24% ?fell 3 cents, or 0.9%, to $3.14 a gallon, after closing up 1 cent to $3.17 per gallon on Thursday.
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Claudia Assis is a San Francisco-based reporter for MarketWatch. Barbara Kollmeyer is an editor for MarketWatch in Madrid.
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