Oil price retreats on rising jobless claim

13:25, January 07, 2011      

Email | Print | Subscribe | Comments | Forum 

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.

  • Do you have anything to say?


Special Coverage
  • Focus On China
  • Shanghai World Expo 2010
Major headlines
Editor's Pick
  • Horse racing in Uruguay
  • US senator hints possibility of lifting Sudan from countries sponsoring terrorism
  • 600,000-RMB brick BMW appears on streets of Jiangyin
  • World's biggest silver ingot on sale
  • South Korean gunship conducts live-fire drill
  • Fan Bingbing graces the January issue of Elle China
Hot Forum Dicussion