crude oil futures slipped because of job cuts

U.S. crude oil futures slipped on Wed (Sep2) as a report on private employer job cuts pressured oil futures and
equities while elating the dollar. Crude oil futures were knocked lower on Tuesday by concerns about bank failures
and economic recovery, and the market was awaiting government inventory data due Wednesday morning after
industry figures showed crude supplies fell sharply last week. U.S. private employers cut 298,000 jobs in August,
fewer than a revised 360,000 jobs cut in July but more than the 250,000 job cuts predicted by analysts, a report
by ADP Employer Services said on Wednesday. 

 The ADP report caused the dollar to strengthen against the Euro/USD and pressured U.S. equities at the open.
The American Petroleum Institute (reported Tuesday that crude oil stocks fell 3.2 million barrels in the week to
Aug. 28.Gasoline stocks fell 2.8 million barrels and distillate stocks rose 920,000 barrels.