Economics
Oil Tumbles to One-Month Low as U.S. Jobless Claims Increase
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Crude oil tumbled to a one-month low after applications for unemployment benefits rose, bolstering concern that slowing U.S. economic growth will curb fuel demand.
Oil decreased the most in six weeks as initial jobless claims rose by 2,000 to 484,000 last week, the highest level since February. Yesterday, a government report showed that U.S. gasoline supplies climbed for a seventh week and stockpiles of distillate fuel, a category that includes heating oil and diesel, advanced to the highest level since January 1983.