Oil Falls to Six-Week Low on Signals U.S. Recovery Is Slowing
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Crude oil fell to a six-week low as rising U.S. jobless claims bolstered concern that the economic recovery in the biggest oil-consuming nation is faltering.
Oil slipped 1.3 percent a day after the Labor Department said weekly claims for unemployment benefits climbed to the highest level since November. Total U.S. inventories of crude and fuel reached the highest level since at least 1990 last week, according to an Energy Department report on Aug. 18.