Oil prices fall after spike above $70

Oil prices retreated friday after a brief spike that pushed New York
curde above 70 dollars per barrel for the first time in seven months,
before the market settled back on a us dollar rebound.
NewYork's main futures contract, light sweet crude for delivery in
july closed at 68.44 dollars, down 34 cents, after a jump to 70.32
dollars a barrel, the highest level since november 4.
Brent North Sea curude for july delivery fell 37 cents to 68.34
dollars a barrel in London, having spiked as high as 69.91 dollars.
Analysts said that a surprise rise in the US dollar after a mostly
positive American jobs report dragged down oil prices.
The dollar, often regarded as a safe haven in times of economic
turmoil, has been dropping on data showing signs of economic recovery.
John Kilduff to MF Global said the market had to cope with "a very
strong rally of the dollar which should have engendered losses for
crude oil," but that reaction was muddled by a mixed repot on US
enployment. Kilduff said that after 70 dollars was breached, "we've
seen a terrific amount of profit taking"

Canada sheds 42000 jobs in may

Canada shed 42000 mostly manufacturing jobs in may, pushing its
unemployment rate up 0.4% points to 8.4% its highest rate in 11 years,
Statistics Canada said Friday.
Since an employment peak in october 2008, employment has fallen by
363000 or 2.1%, the government agency said.
"Its hardly shocking that Canadian employment has retreated again the
job shakeout likely still has a way to go, even if the broader economy
bottoms out in the coming months," said BMO Capital Markets analyst
Douglas Porter.
However, as increases in job numbers usually lag behind other signs of
economic recovery, these dour job figures failed to sour analysts'
optimistic forecasts.
"Arguably, the very narrowness of the job losses in may almost
exclusively concentrated in ontario manufacturing holds out a whiff of
good news for the broader economy," Porter said in a note.
"That is, the devastation in the auto sector is not being repeated in
other sectors,"he said.
"Indeed, the modest gains sprinkled among most services sectors &
around much of the rest of the country add to the view that domestic
spending is stabilizing."