Crude oil fell the most in three weeks as U.S. jobless claims and manufacturing orders trailed forecasts, stirring concern that the global economic recovery may falter and crimp energy demand growth. Oil decreased as much as 3.7 percent to the lowest level in a week as the number of Americans filing first time claims for unemployment insurance unexpectedly increased last week, and durable goods excluding transportation declined in January.
“It’s going to take better jobs, better consumer confidence, better business confidence and getting everything going into a better direction before you can support crude oil in a $75 to $80 level,” said Adam Sieminski, chief energy economist at Deutsche Bank AG in Washington.
Crude oil for April delivery fell $2.71, or 3.4 percent, to $77.29 a barrel at 11:36 a.m. on the New York Mercantile Exchange, the biggest decline since Feb. 4. Earlier, it touched $80.32. Oil has dropped 2.6 percent this year.
Initial jobless applications rose by 22,000 to 496,000 in the week ended Feb. 20, Labor Department figures showed today in Washington. The total number of people receiving unemployment insurance gained and those receiving extended benefits decreased.
Orders for durable goods fell 0.6 percent, the biggest drop since August, figures from the Commerce Department showed today in Washington. Bookings for all goods meant to last several years rose 3 percent, more than anticipated and reflecting a jump in commercial aircraft.....Read the entire article.
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