Oil Dips After a 3-Month High as U.S. Unemployment Claims Increase

Bloomberg reported that crude drops from a three-month high as 372,000 Americans filed for jobless claims last week.

As quoted in the market news:

West Texas Intermediate for February delivery fell 20 cents to settle at $92.92 a barrel on the New York Mercantile Exchange. Futures climbed to $93.12 a barrel yesterday, the highest settlement for a contract nearest to expiration since Sept. 18.

Brent for February settlement slid 33 cents, or 0.3 percent, to $112.14 a barrel on the London-based ICE Futures Europe exchange. The North Sea crude was $19.22 a barrel more than WTI, down from yesterday’s $19.35. Trading volume in WTI was 12 percent below the 100-day average at 3:29 p.m. in New York, while Brent was 3.5 percent higher.

Click here to read the full Bloomberg report.