Crude futures fall on rising jobless claims in the US

18 October 2012 14:56  [Source: ICIS news]

LONDON (ICIS)--ICE Brent crude oil futures fell by more than $1.00/bbl after a report showed claims for unemployment benefits increased in the US.

By 13:00 GMT, the front-month December ICE Brent contract touched an intra-day low at $112.13/bbl (€85.22/bbl), a loss of $1.09/bbl compared to the settlement on Wednesday. The contract then edged higher to trade around $112.16/bbl.

At the same time the front-month November NYMEX WTI contract was trading around $90.45/bbl, having touched an intra-day low at $91.42/bbl, a loss of 70 cents/bbl compared to the previous close.

In the US, fresh applications for unemployment benefits increased by 46,000 to 388,000 individuals last week, according to the US Labor Department. The rise in claims indicates that the US recovery is slowing down, and reverses the recent trend of falling numbers of new claims.

($1 = €0.76)

By: Kawai Wong
+44 20 8652 3214

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