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Crude prices continued to fall on Thursday in spite of government data revealing a surprising draw down in US crude inventories. Demand concerns were raised and stocks plunged after President Barack Obama proposed measures to limit big banks from growing "too big to fail."
The price of crude for March slipped $1.66 to $76.20 a barrel, extending its move away from a recent yearly high near $84.
US jobs data also weighed on sentiment. First time claims for unemployment benefits unexpectedly jumped to a two month high in the week ended January 16th, with increase likely to renew concerns about the outlook for the labor market.
Initial jobless claims rose to 482,000 from the previous week's revised figure of 446,000, according to a report released by the Labor Department on Thursday.
U.S. crude stockpiles unexpectedly fell last week, according to data released Wednesday by the the U.S. Department of Energy.
The Energy Information Administration said crude oil inventories dropped by 471,000 barrels to 330.57 million barrels for the week ended January 15. Yesterday, industry data from the American Petroleum Institute showed a decrease of 1.8 million barrels.
Both reports were delayed one day due to the Martin Luther King holiday Monday.
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