Oil retreats as demand uncertainties outweigh strong economic data

Crude prices retreated on Thursday as investors felt uncertain about the outlook of energy demand recovery, despite bullish data showed an economy on the mend.

U.S. stock rose, with major averages surging about 2 percent during the session, as the number of U.S. workers filing new claims for jobless insurance fell more than expected last week to a 10-month low.

However, the bullish news, including U.S. non-farm productivity in the third quarter rose at its fastest pace in six years, failed to lift up crude prices.

Light, sweet crude for December delivery slipped 78 cents, or 1.0 percent, to settle at 79.62 U.S. dollars a barrel on the New York Mercantile Exchange.

Pressures came as investors put more emphasis on ballooning product stocks. With distillate stocks still near 26-year highs, dealers obviously need more evidence to see real signs of recovery in energy demand.

In London, Brent Crude for December delivery fell 90 cents to settle at 77.99 dollars a barrel on the ICE Futures exchange.

Source:Xinhua