Oil Heads for Weekly Drop on Forecast for U.S. Jobless Increase
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Oil declined, headed for a weekly drop, amid forecasts that a U.S. government report will probably show the jobless rate rose in August for the first time in four months, signaling a recovery in fuel demand may falter.
Futures gave up some of yesterday’s 1.5 percent gain as analysts estimated the August payrolls report from the Labor Department may show the U.S. economy lost 105,000 jobs, according to a Bloomberg survey. Crude gained yesterday after an explosion on a Gulf of Mexico oil and gas platform prompted speculation that tighter regulations will cut production.