U.S. crude oil price dropped on Thursday, as U.S. weekly jobless claims turned out larger than expected, hurting investors’ confidence about the economy.
The U.S. Labor Department said on Thursday that the number of people applying for jobless benefits spiked by 51,000 to 454,000 last week, much larger than economists’ previous estimate of a rise to 408,000.
The agency claimed the increase was partly attributed to snowstorms in early January.
Also, U.S. durable-goods orders in December failed the markets’ expectation. The Commerce Department said orders fell 2.5 percent, while economists had expected a 1-percent rise. The weekly report by the Energy Information Administration said U.S. commercial oil storage rose in the week ended Jan. 21, which also pressured the oil price.
Light, sweet crude for March delivery lost 1.69 dollars to 85. 64 dollars a barrel on the New York Mercantile Exchange.
Source: Xinhua