The price of oil fell below $95 per barrel today after new signs of a choppy economic recovery in the US.
Benchmark oil for June delivery was down 26 cents to $94.90 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 86 cents to close at $95.16 on the Nymex last night.
Brent crude, a benchmark for many international oil varieties, fell 28 cents to $103.50 a barrel on the ICE Futures exchange in London.
Applications for US unemployment aid rose last week by 32,000 to a seasonally adjusted 360,000, the highest in six weeks, the Labor Department said yesterday.
A report on housing was neutral, while manufacturing in the mid-Atlantic region fell. That data came on top of the 17-nation euro region remaining mired in recession after contracting for a sixth quarter in a row in the three months from January to March.
