Gasoline Sinks to 11-Week Low as Jobs Data Signals Less Demand
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Gasoline futures plunged to an 11-week low on speculation that fuel demand will decline, as a jump in U.S. jobless claims to a five-month high signaled a slower economic recovery.
Prices fell as the Labor Department reported that initial jobless claims rose by 2,000 to 484,000 in the week ended Aug. 7, the highest level since mid-February. Demand for the motor fuel was down 2.5 percent last week, the Energy Department reported yesterday.