Oil Rises as U.S. Report Shows Unexpected Jobless Claim Decline
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Oil rose after a government report showed U.S. applications for unemployment benefits unexpectedly fell last week to the lowest level in three months, signaling a possible rebound in fuel demand.
Futures reversed earlier declines as the dollar fell against 15 of its 16 major counterparts. Initial jobless claims decreased by 21,000 to 434,000 in the week ended Oct. 23, the lowest since early July, Labor Department figures showed today in Washington. The total number of people receiving unemployment insurance dropped to a two-year low.