Concerns about weaker economic growth in the U.S. pulled down crude oil futures on Thursday as the energy commodity was diving toward its sharpest 48-hour drop in about 10 months, according to Bloomberg.
Supplies of the energy commodity also pushed to their highest level in about 22 years, according to data released on Wednesday by the Energy Information Administration. Crude oil futures dropped well more than 2 percent after jobless claims surged to their highest level since the end of November.
"The jobless claims report is not good and it raises concern about where the economy is actually going," commodities research director Kyle Cooper with IAF Advisors in Houston told the news source on Thursday. "People that are excited about this economy are those who accept mediocrity. Crude inventories are heading to an all-time high."
At 12:09 p.m. on Thursday, West Texas Intermediate crude oil futures dropped 2.1 percent, a $2 loss to $92.50 per barrel. At 12:04 p.m., Brent crude oil futures fell 1.37 percent, a $1.48 slip to $105.64 per barrel.
Dow Jones Newswires reports Brent crude oil futures fell 3.2 percent during the Wednesday trade session.
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