Oil Fluctuates on U.S. Retail Sales, Jobless Claims: Report

By MidnightTrader.com Staff,

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Oil fluctuated as U.S. retail sales rose less than expected in November and first-time claims for unemployment insurance declined to a nine-week low, Bloomberg reported.

Prices were little changed as the Commerce Department said sales gained 0.3% last month. The median forecast of 81 economists surveyed by Bloomberg called for a 0.5% gain. Applications for jobless benefits fell to 343,000 in the week ended Dec. 8, the fewest since Oct. 6.

Crude for January delivery rose 3 cents to $86.80 a barrel on the New York Mercantile Exchange. Prices are down 12% this year.

Brent for January settlement on the London-based ICE Futures Europe exchange slid 57 cents, or 0.5%, to $108.93 a barrel.

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This article appears in: Investing Commodities
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