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Oil prices fell to their lowest level in more than two weeks (mark WTI), as improving U.S. economy has increased the likelihood that the Federal Reserve will further limit the quantitative stimulation. Futures fell 1.7 percent , registering the third consecutive session decline , after data showed that the number of applications for unemployment benefits in the U.S. fell . As it became known , the number of initial claims for unemployment benefits , a measure of layoffs, reduced by 2000 and totaled a seasonally adjusted 339,000 in the week ended December 28. Economists had expected 334,000 initial claims per week. The number of applications from the previous week was revised to 341,000 from 338,000 .
Recall that the Federal Reserve closely watching employment data to determine the right time to start reducing the amount of bond purchases designed to stimulate the economy.
The course of trade is also affected by expectations of future output inventory report . Experts estimate that U.S. crude stocks fell again , that may be the fifth consecutive weekly drop .
Meanwhile, add the data from the EIA, which will be released today , will probably show that gasoline inventories rose by 1.38 million barrels - up to 221.2 million during the week ending December 27. Distillate stocks are projected to increase by 750 thousand to 114.9 million
Cost February futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 96.49 a barrel on the New York Mercantile Exchange.
February futures price for North Sea Brent crude oil mixture fell $ 2.35 to $ 108.85 a barrel on the London exchange ICE Futures Europe.
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