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Crude Oil Declines on Forecast for U.S. Jobless Increase
Friday, 3 Sep 2010
Oil prices declined, headed for a weekly drop, amid forecasts that a U.S. government report will probably show the jobless rate rose in August for the first time in 4 months, signaling a recovery in fuel demand may falter.
Crude gave up some of yesterday's 1.5 % gain as analysts estimated the August payrolls report from the Labor Department may show the U.S. economy lost 101,000 jobs. Oil prices rose yesterday after an explosion on a platform owned by Mariner Energy Inc. prompted speculation that tighter regulations will cut production.
