Crude futures surged to a 6-month high after a better than expected jobs report for the U.S. - the world's largest consumer of oil - but then retreats.
NEW YORK (CNNMoney.com) -- Oil prices topped $70 a barrel Friday morning - the highest level in six months - as investors took the government's latest employment report as an indication of the improving health of the U.S. economy.
Job losses slowed dramatically in May, according to the latest government reading on the labor market. May's job losses were the fewest since last September.
Prices surged to $70.32 a barrel immediately following the report, but nose dived later in the session.
Crude is trading up 16 cents at $68.97 a barrel, after falling as low as $67.54 a gallon.
