(RTTNews) - Crude oil prices dropped more than $2 per barrel on Thursday as a disappointing jobs report raised energy demand worries.
Light sweet crude oil for December delivery dropped to $77.46 per barrel, losing $2.12 for the session. Prices dipped as low as $77.06.
The Labor Department reported initial jobless claims for the week came in at 505,000, unchanged from the previous week's revised figure. Economists had been expecting jobless claims to edge up to 504,000 from the 502,000 originally reported for the previous week.
A Conference Board report showed that the leading indicators index rose 0.3 percent in October following a 1.0 percent gain in September. Economists had been expecting the index to increase by 0.4 percent.
The Philly Fed said its index of regional activity in the manufacturing sector rose to 16.7 in November from 11.5 in October, with a positive reading indicating growth in the sector. Economists had been expecting a much more modest increase by the index to 12.2.
Oil finished modestly higher on Wednesday as Energy Department data showed crude oil inventories fell by 900,000 barrels in the week ended November 13. Experts were looking for a rise of 1.2 million barrels.
Gasoline inventories decreased by 1.7 million barrels.
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