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Business News

Oil falls on higher jobless claims

The Associated Press
Published:   |   Updated: March 20, 2013 at 07:37 PM

Oil is tumbling on higher U.S. unemployment claims and concerns about less demand for oil and gas.

Benchmark West Texas Intermediate oil lost $2 at $83.18 per barrel in New York. Brent crude, which is used to price oil produced abroad, fell 84 cents to $109.31 per barrel in London.

Oil fell after the government said the number of people seeking unemployment benefits increased last week. The Labor Department said the number of applications was the highest in five weeks, although it was inflated by a strike at Verizon.

Meanwhile, retail gasoline prices increased nearly a penny to a national average of $3.582 per gallon.

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