Economics
Oil Declines as U.S. Jobless Claims Climb to a Three-Month High
This article is for subscribers only.
Crude oil fell for a second day after the number of Americans filing applications for unemployment insurance climbed to a three-month high, bolstering concern that the economic recovery is slowing.
Oil slipped 0.6 percent after the Labor Department reported that initial jobless claims increased by 19,000 to 479,000 last week, the most since April. A U.S. Energy Department report yesterday showed that crude oil supplies in the Midwest surged to a record as nationwide fuel stockpiles rose.