Investing.com - Oil prices dropped in U.S. trading on Thursday after official data revealed that more Americans filed for initial jobless benefits last week than expected.
Dovish comments from European Central Bank President Mario Draghi pushed prices down as well.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in May traded down 2.31% at USD92.27 a barrel on Thursday, off from a session high of USD94.81 and up from an earlier session low of USD92.23.
In the U.S. earlier, the Department of Labor reported earlier that the number of people filing for initial jobless benefits last week rose by 28,000 to 385,000, defying expectations for a decrease of 7,000 to 350,000.
The news sent oil falling on fears that Friday's official March jobs report could disappoint and fan fears that the U.S. economy is still battling headwinds and will demand less fuels and energy than once thought.
Elsewhere, ECB President Mario Draghi said monetary authorities were "ready to act" and trim benchmark interest rates if needed, adding that monetary policy will remain accommodative for as long as is needed.
The ECB left interest rates unchanged at 0.75% this week, though Draghi's comments sparked concerns that more sustained recovery is a long way off in Europe.
Softer-than-expected U.S. inventory figures released Thursday kept prices lower as well.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 2.71 million barrels in the week ended March 29, well above market forecasts for a gain of 2.20 million barrels.
Total U.S. crude oil inventories stood at 388.6 million barrels as of last week, well above the upper limit of the average range for this time of year.
The U.S. government also reported that total motor gasoline inventories decreased by 572,000 barrels, less than expectations for a decline of 852,000 barrels.
Rising oil inventories cemented growing concerns that the U.S. economy is awash in oil, which continued to pressure prices lower.
Elsewhere on the ICE Futures Exchange, Brent oil futures for May delivery were down 1.54% at USD105.47 a barrel, up USD13.20 from its U.S. counterpart.
Dovish comments from European Central Bank President Mario Draghi pushed prices down as well.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in May traded down 2.31% at USD92.27 a barrel on Thursday, off from a session high of USD94.81 and up from an earlier session low of USD92.23.
In the U.S. earlier, the Department of Labor reported earlier that the number of people filing for initial jobless benefits last week rose by 28,000 to 385,000, defying expectations for a decrease of 7,000 to 350,000.
The news sent oil falling on fears that Friday's official March jobs report could disappoint and fan fears that the U.S. economy is still battling headwinds and will demand less fuels and energy than once thought.
Elsewhere, ECB President Mario Draghi said monetary authorities were "ready to act" and trim benchmark interest rates if needed, adding that monetary policy will remain accommodative for as long as is needed.
The ECB left interest rates unchanged at 0.75% this week, though Draghi's comments sparked concerns that more sustained recovery is a long way off in Europe.
Softer-than-expected U.S. inventory figures released Thursday kept prices lower as well.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 2.71 million barrels in the week ended March 29, well above market forecasts for a gain of 2.20 million barrels.
Total U.S. crude oil inventories stood at 388.6 million barrels as of last week, well above the upper limit of the average range for this time of year.
The U.S. government also reported that total motor gasoline inventories decreased by 572,000 barrels, less than expectations for a decline of 852,000 barrels.
Rising oil inventories cemented growing concerns that the U.S. economy is awash in oil, which continued to pressure prices lower.
Elsewhere on the ICE Futures Exchange, Brent oil futures for May delivery were down 1.54% at USD105.47 a barrel, up USD13.20 from its U.S. counterpart.