Next Target for Crude: $50 By Jim Wyckoff About this article: Nymex light sweet crude oil futures on Friday fell to a fresh 21-month low of $59.97 a barrel, basis the nearby December contract, amid a global economic slowdown that has significantly reduced demand prospects for energy, including crude oil. Reduced energy demand notions were bolstered Friday morning when the monthly U.S. employment report from the Labor Department showed U.S. nonfarm payroll fell by 240,000 in October, the 10th straight monthly decline. The markets were expecting a decline of about 200,000 jobs. The U.S. unemployment rate rose 0.4 percentage points to 6.5%, the highest rate in 14 years. Most analysts and economists expect a continued deterioration in the jobs picture -- and in the overall U.S. economy -- well into 2009. Weakening worldwide economies have driven crude oil prices sharply lower the last four months. Crude oil futures prices have lost more than half their value since scoring... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200. More Stories From RealMoney Durable Goods Up Move Down the Tech Food Chain Jobless Claims Still High Bulls' Tenacity Is the Big Question Mark Should You Buy It? Pharmaceutical Product Development Bad News Trumps All Support for Banks Holds, For Now Bummer, Yields Are on the Rise Money on the Line Makes a Big Difference Structured Products: Unsafe at Any Price MORE STORIES FROM REALMONEY

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