Stronger than forecast labor market data in the U.S. pulled down West Texas Intermediate crude oil futures on Thursday as the energy commodity barreled toward its lengthiest bearish trend since late last year, Bloomberg reports.
After having climbed as much as 0.4 percent during early trading, the energy commodity reversed course and dove more than 1 percent. Roughly 333,000 Americans last week submitted applications for jobless claims, less than the 335,000 forecast to do so in a survey administered by the news service.
"People are worried about tapering with the good economic data," senior market analyst Phil Flynn with the Price Futures Group in Chicago told the media outlet on Thursday. "The market is looking heavy because the U.S. is producing more and more oil. You have to respect the fact that fundamentally we are very well supplied."
At 9:56 a.m. on Thursday, West Texas Intermediate crude oil futures fell 0.9 percent, a 94-cent drop to $103.43 per barrel. At 9:56 a.m., Brent crude oil futures dove 0.73 percent, a 78-cent drop to $106.66 per barrel.
China, the second-largest consumer of crude oil, is set to release economic data on Thursday that likely will impact the energy commodity's performance on financial markets, according to Reuters.
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