Market Chatter: Crude Heads for Biggest Two-Day Drop Since June
"Crude headed for the biggest two-day drop since June as more Americans than projected filed applications for unemployment benefits, raising concern that slower U.S. growth may weaken fuel demand and boost supplies," Bloomberg reported.
It said: "Prices fell as much as 2.2% as jobless claims rose to the most since Nov. 24, according to the Labor Department. U.S. inventories increased to a 22-year high in an Energy Information Administration report yesterday."
"WTI oil for May delivery fell $2.02 to $92.43 a barrel on the New York Mercantile Exchange. It closed at $94.45 yesterday, the lowest settlement since March 22. Prices are down 4.9% in the past two sessions, heading for the biggest two-day decline since June 21."
"Brent crude for May settlement declined $1.47, or 1.4%, to $105.64 a barrel on the London-based ICE Futures Europe exchange. It ended yesterday at the lowest settlement since Dec. 7."
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.