NEW YORK, Jan. 14 - Oil prices continued to retreat on Thursday as U.S. retail sales fell in December and jobless claims increased last week.
Lackluster economic data on Thursday cast a shadow on investors' prospect of economic recovery. The U.S. Commerce Department said retail sales fell 0.3 percent in December, while analysts had anticipated an increase.
Meanwhile, Labor Department reported that initial unemployment benefits applications rose by 11,000 last week, more than economists had expected, signaling a still weak job market.
Light, sweet crude for February delivery fell 26 cents to settle at 79.39 U.S. dollars a barrel on the New York Mercantile Exchange.
In London, Brent crude fell 33 cents to 77.98 dollars a barrel on the ICE Futures Exchange.
Lackluster economic data on Thursday cast a shadow on investors' prospect of economic recovery. The U.S. Commerce Department said retail sales fell 0.3 percent in December, while analysts had anticipated an increase.
Meanwhile, Labor Department reported that initial unemployment benefits applications rose by 11,000 last week, more than economists had expected, signaling a still weak job market.
Light, sweet crude for February delivery fell 26 cents to settle at 79.39 U.S. dollars a barrel on the New York Mercantile Exchange.
In London, Brent crude fell 33 cents to 77.98 dollars a barrel on the ICE Futures Exchange.
