--Oil futures waver between gains and losses as weekly jobless claims higher than estimates --Nymex crude recently up 3c to $104.16/Bbl --Labor market slowdown could hit fuel demand, analyst says By Jerry A. DiColo Of U.S. crude futures traded near flat Thursday, wavering between gains and losses as weekly data showed U.S. claims for unemployment remain elevated, raising worries about the labor market. Light, sweet crude for June delivery recently traded 3 cents higher $104.16 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange for June delivery traded 51 cents higher at $119.63 a barrel. New applications for unemployment benefits stayed nearly unchanged from last week, falling by 1,000 to a seasonally adjusted 388,000 in the week ended April 21, the Labor Department said Thursday. It was the third-straight week of above 385,000, the longest streak of consistently high claims since November. Economists had predicted 376,000 new claims would be filed, according to a Dow Jones Newswires survey. "It's another poor number," said Matt Smith, an analyst at Summit Energy. "If we're starting to see less job creation, this is going to reflect through to less gasoline demand, and less oil demand." U.S. oil prices initially dipped on the release of the Labor Department figures, falling as low as $103.84 early in the session. But with Europe's Brent crude aiming higher, its counterpart on the Nymex had difficulty maintaining losses, and rebounded to hold near flat. A rise in gasoline futures also helped to pull oil futures higher. Oil prices have fallen back from highs near $110 less than two months ago due to cooling tensions with Iran and renewed worries about Europe. Any signals that the U.S. labor market has stalled would suggest slumping demand for fuel products will continue. On Wednesday, crude received a late-session boost when the Federal Reserve raised its outlook for 2012 U.S. economic growth. But the Fed also lowered slightly its outlook for 2013 and 2014. Broader markets were also pushed lower following the report on jobless claims. Dow Jones Industrial Average futures fell 21 points to 13,019. Front-month May reformulated gasoline blendstock, or RBOB, recently traded 2.24 cents higher at $3.1781 a gallon. May heating oil recently traded 2.58 cents higher at $3.1869 a gallon. -By Jerry A. DiColo, Dow Jones Newswires; 212-416-2155; jerry.dicolo@dowjones.com.

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