An increase of Americans applying for jobless claims last week pulled down West Texas Intermediate crude oil futures on Thursday as the energy commodity slipped from its top value in about five weeks, according to Bloomberg.
The fourth quarter of last year saw economic growth reduce its pace, according to data released by the U.S. Department of Commerce. Weekly applications for jobless claims advanced by 16,000 to amount to 357,000 for week ended March 23, representing the highest amount in more than four weeks.
"The macro backdrop has become more mixed compared to earlier in the year, and prices are reflecting the more uncertain macro outlook," chief oil market strategist Amrita Sen with research company Energy Aspects Ltd. in London told the news source on Thursday.
At 11:28 a.m. on Thursday, Brent crude oil futures fell 0.29 percent, a 32-cent drop to $109.32 per barrel. At 11:34 a.m., West Texas Intermediate crude oil futures rose 0.26 percent, a quarter rise to $96.82 per barrel.
Reuters reports Thursday's re-opening of banks in Cyprus was likely to impact the price of crude oil as the financial institutions helped stave off the nation's economic collapse.
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