Commodity Daily News

Crude Decline on Negative U.S Economic Data

Crude Oil futures prices settled at a 6-week low Thursday, hurt by disappointing U.S. economic data which was released Thursday as well as the highest inventories in nearly 27 years. U.S. initial claims for unemployment benefits rose by 12,000 in the week ended Aug. 14. Economists had forecast a drop of 4,000.

Claims totaled 500,000 in the week, the highest number since 14 Nov. 2009. Further disappointing data came from the manufacturing industry with the Philadelphia Fed index falling to -7.7 in August compared to 5.1 in July.

Light Sweet Crude Oil for September delivery on the New York Mercantile Exchange settled down 99 cents, or 1.3%, at $74.43 a barrel, the lowest price since July 7. The contract, which expires at today's settlement, has fallen from a 3-month high near $83 a barrel on Aug. 4.