Oil falls three dollars on weak euro

Oil skidded more than three dollars a barrel on Friday as a sharply weaker euro and a disappointing US jobs report sparked fresh concerns about the strength of economic recovery.
New York's main contract, light sweet crude for delivery in July, closed at 71.51 dollars a barrel, down 3.10 dollars from Thursday.
In London, Brent North Sea crude for July slumped 3.32 dollars to settle at 72.09 dollars.
"The euro started it and then the US data was not as positive as expected," said Tom Bentz at BNP Paribas. "All the markets took the report negatively."
The US Labor Department reported the US economy created 431,000 nonfarm jobs in May, well short of the 500,000 expected by most analysts.
More worrying, the vast majority of the new jobs came from temporary government hiring for this year's census.
The private sector created only 41,000 jobs, less than a fifth of the amount predicted by analysts. Much of that gain came from temporary service-sector jobs.
The unemployment rate slipped to 9.7 percent from 9.9 percent in April as the labor force contracted.
Meanwhile, the European single currency plunged to a fresh four-year low against the dollar amid rising fears of contagion from eurozone financial problems.
The euro hit 1.1972 dollars, a low last seen on March 24, 2006.
The single unit fell despite the much weaker-than-expected US jobs report, with investors attracted by the dollar's safe-haven status at a time of economic uncertainty.