Oil Plunges on U.S. Lackluster Job Report

Crude oil price plunged on Friday as U.S. Labor Department reported the economy added fewer jobs in January than economists forecast, bolstering concern about fuel demand drop in the world's biggest oil-consuming country.

The report showed, although the unemployment rate last month dropped to 9.0 percent, the lowest level in nearly two years, the nonfarm payrolls increased only 36,000, far below economists' median forecast of 146,000.

And U.S. gasoline stockpiles rose to the highest level in almost 18 years as demand decreased, according to an Energy Department report on Feb. 2.

Besides, the dollar rose against other major currencies, pushing oil to fall.

But there are now concerns about Suez Canal's closing. Though there is no sign of that happening at the moment, but once the Suez Canal closes because of the unrest in Egypt, oil prices could more than double to 200 dollars a barrel, Venezuela's oil minister Rafael Ramirez said on Friday.

Light, sweet crude for March delivery fell 1.51 dollars, or 1. 67 percent to 89.03 dollars a barrel on the New York Mercantile Exchange.