In the light holiday trading in U.S. on Friday crude oil prices plunged more than $2 after the labor department said employers hacked about 467,000 jobs in June.

Crude oil dropped $2.58, nearly 4 % to rest at $66.73, on Thursday.

Crude oil has constantly been on the decline for a third week

The jobless rate in U.S. has touched its peak in the last 26 years, revealing signs that country’s economy is still entangled in recession.

Crude oil also fell as equities fell and dollar climbed against the euro, making oil less attractive.

On June 30 crude Oil was hovering over $73. However, in August it fell $1.10 to settle at $65.63 a barrel on the New York Mercantile Exchange.

The month of June recorded more than expected employment decline and followed a 322,000 plunge in May. As far as Payrolls were concerned, they were estimated to drop 365,000 after a 345,000 decline initially reported for May.

Speaking his mind, Britain's KBC Market Services stated, "Renewed concern over the global economy, reflected in lower equities, is the main driver of weaker oil market sentiment."