Oil slips below $102 on weak jobs report

New York - Oil is falling on discouraging economic news, after an industry group said private employers added the fewest jobs since September.

West Texas Intermediate crude for July delivery lost 78 cents at $101.92 per barrel in morning trading on the New York Mercantile Exchange.

Prices have wavered around $100 per barrel during the past few weeks. Oil hit the highest level since 2008 in April, but declining gasoline consumption and reports of a weakening jobs market pushed prices down.

Payroll processor ADP added to those concerns Wednesday. The group said private employers created just 38 000 jobs in May, down from 177 000 in April. That's the weakest result since September. The government unemployment report for May is due out Friday.