By Nick Godt, MarketWatch
NEW YORK (MarketWatch) -- Crude oil futures fell for a second day on Thursday, hit by continued worries about Greece's ability to finance its debts and as the freshest snapshot of U.S. employment showed rising jobless claims.
Crude oil for May delivery fell 60 cents, or 0.7%, to $85.27 a barrel in electronic trade.
On Wednesday, crude oil fell for the first time in seven sessions as the latest weekly estimate of U.S. crude oil supplies revealed a bigger-than-expected build-up.
Worries about Greece were back on the front-burner on Thursday as debt markets continued to demand more details about rescue plans.
European Central Bank President Jean-Claude Trichet, meanwhile, defended a joint backstop plan hammered out with the International Monetary Fund.
The continued sell off in Greek debt "shows that markets have little confidence that Greece will stick to fiscal austerity measures or that the Euro-IMF 'aid' agreement will provide any real support," BMO Capital Markets said in a note.
The euro remained under pressure, and the dollar advanced, putting additional pressure on commodities.
Crude oil futures stayed under pressure after news U.S. jobless claims unexpectedly rose by 18,000 in the latest week.
There was also uncertainty about trade tensions between China and the U.S., which has pressured Beijing to revalue the yuan. An adviser to the People's Bank of China said China should switch its currency back to the managed-float foreign-exchange regime in place before the financial crisis, according to reports.
