Oil Drops From 3-Month High as U.S. Jobless Claims Rise
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Crude slipped from a three-month high as more Americans than forecast filed applications for unemployment benefits last week and on concern that new budget legislation won’t reduce the deficit fast enough.
Prices dropped as the Labor Department said jobless claims rose 10,000 to 372,000. President Barack Obama signed the budget measure into law yesterday to undo automatic tax increases and spending cuts. Oil supplies fell to a two-month low, a Bloomberg survey of analysts showed before a government report tomorrow.