By MarketWatch
NEW YORK (MarketWatch) — Crude-oil futures fell 1.3% on Thursday, cooling off for a second straight day after trading near $86.50 a barrel earlier this week, as the latest U.S. trade and jobless data provided no lift.
West Texas Intermediate crude for November delivery CL1X -1.36% dropped $1.14 to $84.44 a barrel.
On the economic data front, the four-week U.S. jobless claims average dropped 7,000 to 408,000. The result was slightly better than the forecast of a slight rise in joblessness to 406,000, according to economists surveyed by MarketWatch. Also, the U.S. Aug. trade gap unchanged at $45.6 billion.
The latest supply data from the Energy Information Administration due out at 10:30 a.m. Eastern time may shape trading later in the day. The inventory figures were delayed by a day because of Columbus Day.
On Wednesday, oil futures snapped a five-day winning streak in a volatile session.
Minutes from the latest Federal Open Market Committee meeting showed Federal Reserve officials concerned that U.S. economic growth would not pick up before the end of the year, casting a pall over hopes for oil demand.
