Oil Slips a Second Day in New York on U.S. Jobless Claims
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Oil dropped for a second day, erasing most of its weekly gain in London, after U.S. Federal Reserve officials signaled the winding down of a stimulus program this year in the world’s biggest crude user.
Brent crude dropped as much as 1.6 percent, trimming its weekly increase to 0.4 percent. Futures pared some of today’s loss after data showed payrolls increased by 155,000 workers in the U.S. last month, compared with an estimated 152,000. The unemployment rate held at 7.8 percent. Members of the Federal Open Market Committee said they will probably end their $85 billion monthly bond purchases sometime in 2013, according to minutes of its latest meeting released yesterday.