Prices for oil slipped for a second-straight day in New York amidst indications that the U.S.' economic recovery was slowing, Bloomberg reports.
A weekly Labor Department report demonstrated initial claims for unemployment insurance payments climbed to their highest numbers since October.
Prices for crude oil futures "retreated from 27-month highs after a disappointing initial jobless claims number and the sinking realization that supply remains comfortable in relation to demand," according to a Friday note by Stephen Schork, president of The Schork Group Inc., a consultancy in Villanova, Pennsylvania.
Also impacting oil's price is news that Alyeska Pipeline Service will turn off the Trans Alaska system on Friday to repair a leak by installing a bypass. That pipeline carries about 15 percent of the crude oil produced in the United States.
Investors are "starting to lose active interest" in the status of the pipeline, according to a Friday note from Peter Beutel, president of Cameron Hanover Inc., an energy adviser in New Canaan, Connecticut. "The market now seems to have gotten past the loss of crude and the longer-than-expected time needed to put everything back together."
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