Crude Tumbles Almost $4 in Two Days
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Crude tumbled almost $4 in two days as more Americans than projected filed applications for unemployment benefits, raising concern that slower U.S. growth may weaken fuel demand and boost supplies.
Prices fell to a two-week low as jobless claims rose to the most since Nov. 24, according to the Labor Department. U.S. inventories increased to a 22-year high in an Energy Information Administration report yesterday. Futures extended their decline after the May West Texas Intermediate contract broke technical support at a key Fibonacci retracement level.