Oil prices sank on Thursday as market sentiment was dented by weaker-than-expected U.S. economic data and lingering demand worries.
The West Texas Intermediate (WTI) for September delivery lost 35 cents to settle at 42.58 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery dipped 47 cents to close at 44.90 dollars a barrel on the London ICE Futures Exchange.
The number of Americans filing for unemployment benefits rose unexpectedly back above 1 million last week.
U.S. initial jobless claims, a rough way to measure layoffs, increased by 135,000 to 1.106 million in the week ending Aug. 15, the Department of Labor reported on Thursday. Economists polled by MarketWatch had forecast 910,000 new claims during the week.
The newly-released U.S. jobless figures added to concerns over an economic recovery, weighing on the market.
Zigzag continued on the oil market, Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Thursday.
"Oil prices today - together with other risky investments - are finding themselves under pressure amid growing risk aversion and the firmer U.S. dollar, leaving them stuck in their narrow trading corridors of recent weeks," he added.
The U.S. dollar index, which measures the greenback against six major peers, steadied in late trading on Thursday, following a 0.66-percent surge in the previous session.
Editor:Cherie
