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Oil declined in New York as more Americans than forecast filed applications for unemployment benefits and sales of previously owned U.S. homes fell, adding to concern that the U.S. recovery is stalling, Bloomberg reported.

It said futures dropped 0.4% after the Labor Department said jobless claims decreased by 2,000 to 386,000 last week. The median forecast of 47 economists surveyed by Bloomberg called for 370,000. Purchases fell 2.6% to a 4.48 million annual rate from 4.6 million in February, the National Association of Realtors reported in Washington.

Crude oil for May delivery declined 40 cents to US$102.27 a barrel on the New York Mercantile Exchange, the lowest settlement since April 10. Prices are down 5.4% from a year ago.

Brent oil for June settlement slipped 10 cents to US$117.87 a barrel on the London-based ICE Futures Europe exchange.

The European benchmark contract's front-month premium to New York-traded West Texas Intermediate widened for a second day, reaching US$15.15 at 2.39 p.m. in New York. The spread narrowed to US$14.14 on April 17 based on settlement prices, the lowest level since Feb. 1.

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