Oil falls to 2-week low after jobless data

08:31, August 13, 2010      

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Oil prices continued to tumble and ended at a two-week low on Thursday after rising U.S. jobless data exacerbated investors' concern about weak economy.

The U.S. Labor Department reported on Thursday that the total number of people applying for unemployment benefits for the first time rose by 2,000 to 484,000 last week, the highest level in nearly six months. The second straight increase came while economists were expecting a drop, and a weak job market dampened investors' confidence in energy consumption's revival.

Light, sweet crude for September delivery fell 2.28 U.S. dollars, or 2.9 percent, to settle at 75.74 dollars a barrel on the New York Mercantile Exchange.

Brent crude for September delivery fell 2.14 dollars to 75.50 dollars a barrel on the ICE Futures Exchange in London.

Source:Xinhua

(Editor:黄蓓蓓)

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