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Crude oil prices to a seven-week low on Thursday amid demand worries as global stocks moved lower. Investors continued to consider the surprise build in weekly inventories announced Wednesday.
Light sweet crude for November dropped to $65.89 per barrel, down $3.09 on the session. Prices earlier fell as low as $65.60.
Crude oil inventories increased by 2.8 million barrels in the week ended September 18, according to Energy Department data released Wednesday. A decline of 2.25 million barrels was forecast. Total motor gasoline stockpiles increased by 5.4 million barrels, with a rise of 800,000 barrels predicted.
In economic news Thursday, a Labor Department report showed that jobless claims fell to 530,000 from the previous week's revised figure of 551,000. Economists had been expecting jobless claims to edge up to 550,000 from the 545,000 originally reported for the previous week.
In addition, the National Association of Realtors reported that existing home sales fell 2.7 percent to an annual rate of 5.10 million units in August from a 5.24 million unit rate in July. The decrease came as a surprise to economists, who had expected existing home sales to increase to a 5.35 million unit rate.
The dollar climbed off of a yearly low against the euro on Thursday in New York as lower global stocks reduced risk appeal. The buck also gained on the slumping pound.
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