Oil fell from a one-year high today as a rise in new U.S. jobless claims sent investors seeking safer havens, according to Reuters. The number of workers filing new jobless claims rose by 11,000 last week, indicating the labor market remained fragile despite some signs of an economic recovery. U.S. crude oil futures traded down 80 cents to $80.57 a barrel by 12:13 p.m. EDT (1613 GMT), after touching a one-year high of $82 a barrel on Wednesday. London Brent crude fell 72 cents to $78.97 a barrel. Energy markets have looked to economic data for signs of a rebound in the economy that could bolster flagging oil demand. "Oil isn"t getting any lift from the stock markets today as economic data and corporate earnings results are mixed," said Andy Lebow, broker for MF Global, New York. The S&P 500 and Nasdaq fell as the jobless claims offset generally positive earnings reports. The Dow industrials rose, lifted by solid results from several components, including 3M, Travelers and McDonald"s. The dollar recovered after a sharp slide against major currencies, as the euro retreated from a 14-month high above $1.50. "It is becoming almost imperative to trade the commodity markets from the perspective of the dollar these days, as nothing else seems to count for very much," MF Global wrote in a research note. Crude jumped on Wednesday after weekly U.S. government oil data showed a large drop in gasoline inventories over the last week and fuel demand rising about 4 percent year-on-year. But absolute oil inventory levels remained high globally due to slack demand.
