Oil Prices Drop as Jobless Rate Soars

The price of oil dropped $3 on Monday to just below $64 a barrel, following last week’s dismal unemployment figures, according to the Associated Press. Some experts believe oil prices could fall further, erasing some of the increases of the past few months, and lowering gasoline prices for the rest of the summer. The price drop was fueled by a surge in the national jobless rate in June to 9.5 percent, the highest rate in 26 years. Unemployment in the 16 countries that use the euro also rose to 9.5 percent in May.

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