WTI Crude Recovers After Falling on Signs of Weaker Fuel Demand
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West Texas Intermediate gained after falling for the fifth time in six days amid signs of economic weakness in the U.S. and Europe.
Futures recovered following a decline of as much as 1.1 percent in New York. New housing starts in the U.S. fell more than forecast in April to a five-month low, the Commerce Department reported today. U.S. jobless claims jumped by 32,000 to 360,000 last week, the most since the end of March, Labor Department figures showed today. The euro-area economy contracted more than forecast in the first quarter. A measure of U.S. fuel use fell by 584,000 barrels a day last week to 18.5 million barrels a day, Energy Information Administration data showed yesterday.