Oil price retreats on rising jobless claim

13:25, January 07, 2011      

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U.S. crude oil future price dropped below 90 U.S. dollars a barrel on Thursday after a rebound on Wednesday as jobless claim rose last week.

The U.S. Labor Department said on Thursday that the number of U. S. workers filing initial claims for jobless benefits rose last week by 18,000 to a total of 409,000.

Although the jobless figure remained lower from six month ago, investors worried the economic recovery was not as good as expected.

Risk appetite rose in the markets as investors rushed into safe- haven investment. Dollar rose against a basket of currencies on Thursday which also helped pressured on oil prices.

Light, sweet crude oil for February delivery fell 1.92 dollars to settle at 88.38 dollars a barrel.

Source:Xinhua
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