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Oil fell for the first time in three days as more Americans than forecast filed applications for unemployment benefits last week.
Prices dropped as much as 1.6 percent after the Labor Department reported jobless claims increased to 388,000 in the week ended Oct. 13, more than the 365,000 forecast by economists. Oil inventories rose last week to the highest level for this time of year since at least 1982 as production gained, the Energy Department said yesterday.
Crude for November delivery fell to $90.66 a barrel on the New York Mercantile Exchange. Futures are down 7.2 percent this year.
Brent oil for December settlement declined 70 cents, or 0.6 percent, to $112.52 a barrel on the London-based ICE Futures Europe exchange.
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