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Oil fell from a one-year high Thursday as a rise in new U.S. jobless claims sent investors seeking safer havens.
The number of workers filing new jobless claims rose by 11,000 last week, indicating the labor market remained fragile despite some signs of an economic recovery.
U.S. light, sweet crude [US@CL.1 Loading... ()] futures fell 18 cents to settle at $81.19, after touching a one-year high of $82 a barrel Wednesday.
London Brent crude [GB@IB.1 Loading... ()] also fell.
Energy markets have looked to economic data for signs of a rebound in the economy that could bolster flagging oil demand.
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"Oil isn't getting any lift from the stock markets today as economic data and corporate earnings results are mixed," said Andy Lebow, broker for MF Global, New York.
The Dow industrials gained Thursday on strong earnings reports from several components, while the Nasdaq fell on weakness in Ericsson [ERIC Loading... ()] and other technology names. The dollar recovered after a sharp slide against major currencies, as the euro retreated from a 14-month high above $1.50.
"It is becoming almost imperative to trade the commodity markets from the perspective of the dollar these days, as nothing else seems to count for very much," MF Global wrote in a research note.
Crude jumped Wednesday after weekly U.S. government oil data showed a large drop in gasoline inventories over the last week and fuel demand rising about 4 percent year-on-year. But absolute oil inventory levels remained high globally due to slack demand.
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