Oil prices tumbled to below 75 U. S. dollars on Thursday as a series of negative economic data exacerbated concerns about recovery and energy demand.
The Labor Department reported that the total applications for first time jobless claims jumped 12,000 to 500,000 last week, the highest level in nine months, while the analysts were expecting a modest decline.
The Federal Reserve Bank of Philadelphia announced a surprise decline in regional manufacturing activity, adding to the downward pressure on market.
Light, sweet crude for September delivery lost 99 cents to settle at 74.43 dollars a barrel on the New York Mercantile Exchange. Futures fell to as low as 73.96 dollars a barrel during trading.
Brent crude for October delivery fell 1.09 dollars to 75.38 dollars a barrel on the International Futures Exchange in London.
The Labor Department reported that the total applications for first time jobless claims jumped 12,000 to 500,000 last week, the highest level in nine months, while the analysts were expecting a modest decline.
The Federal Reserve Bank of Philadelphia announced a surprise decline in regional manufacturing activity, adding to the downward pressure on market.
Light, sweet crude for September delivery lost 99 cents to settle at 74.43 dollars a barrel on the New York Mercantile Exchange. Futures fell to as low as 73.96 dollars a barrel during trading.
Brent crude for October delivery fell 1.09 dollars to 75.38 dollars a barrel on the International Futures Exchange in London.
