August marked a drop in the crude prices, citing the slow advancement of the service industries in the past seven months, showcasing the sluggish recovery of US economy.

With around 90% of the economy under its coverage, the Institute for Supply Management's index of non-manufacturing business declined to 51.5 in August from 54.3 the previous month, thus making the crude futures slide.

On the New York Mercantile Exchange, crude oil delivery for October dropped 0.6% or 42 US cents, bringing the price of a barrel to $US74.60. This week, there is a decline of 0.8% in the crude futures.

For October settlement, Brent crude oil slumped 26 US cents or 0.3% to $US 76.67 on the ICE Futures Europe exchange. London. John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund said, "Prices are still pretty lofty, given supply and the economic backdrop".

As per the figures released by the Labor Department, the jobless rate climbed up 9.6%, while overall employment dropped 54,000 for a second month. There was an increase of 67,000 in the private payrolls, which in July grew to
107,000.

The bidding of the crude prices was made after the release of the payroll number, as told by Jason Schenker, President of Prestige Economics LLC in Austin, Texas.