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The price of crude oil fell Thursday, as bearish data from the US labor market strengthened worries about the economic health of the top oil consumer even as Federal Reserve Chairman Ben Bernanke relieved fears of an immediate rate hike by the central bank.
A firm greenback and rise in crude inventory levels also weighed on oil prices.
Crude oil for delivery in April settled $1.83 lower at $78.17 per barrel in the New York Mercantile Exchange, retreating from an intraday high of $80.32.
Wednesday, the Energy Information Administration in its weekly update had reported a 3.0 million barrel rise in US crude stockpiles in the week ended February 19.
The US Labor Department reported Thursday an unexpected increase of 22,000 in initial jobless claims to a seasonally adjusted 496,000 in the week ended February 20.
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