Oil Update: Crude Falls Into $66 Range

Updated with crude settlement and updated stock information.

Crude futures stumbled along with the rest of the markets following less than stellar jobs data.

Light, sweet crude for August delivery shed $2.58 to settle at $66.73 per barrel on the New York Mercantile Exchange. The contract continued its slide from yesterday, when the price dropped 58 cents to settle at $69.31 yesterday.

Earlier in the day, the Department of Labor said the unemployment rate rose to 9.5% from 9.4% in May. According to the surprising report, the economy shed a more-than-expected 467,000 jobs in the month of June.

Most of the big oil and energy stocks slipped with the rest of the market in the afternoon, with the Amex Oil Index ( XOI) down 3.3%.

Hess ( HES) was having one of the steeper drops on the day, sliding 6.9%, or $3.67, to $49.44. Other integrated shares in the red included Exxon Mobil ( XOM), ConocoPhillips ( COP) and Chevron ( CVX), which were dropping 2.5%, 1.9% and 2.6%, respectively.

Earlier today, a report from Bloomberg said that the Obama administration may be moving to curtail emissions from oil refineries that are linked to cancer. The American Petroleum Institute, an oil lobby group cited in the report, warned that companies like Exxon Mobil and Valero Energy ( VLO), the largest refiner, may face new and costlier regulations in the coming years.

Valero shares were down 4.8% on the day.

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