Commodities: Demand concerns trouble oil
A more gloomy outlook for the US economy from Fed chairman Ben Bernanke raised recession fears, heightening concerns that any slowdown will hurt demand for oil.
US light crude for February delivery fell 71 cents to $90.13 a barrel on the New York Mercantile Exchange, with weaker than expected new home sales further denting confidence in the economy.
Prices also remained under pressure following Wednesday's government report showing US crude supplies increased for the first time in nine weeks in the week ended 11 January.
Inventories rose 4.3m barrels during the period, trumping expectations for an increase of just 700,000 barrels.
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On the metal markets, gold made it three down days in a row Thursday, although losses were capped by dollar weakness, usually a good sign for the yellow metal.
Gold for delivery in February fell $1.50 to $880.50 an ounce in New York in what was a volatile session, with the contract having been as low as $875.20 earlier on.
Dealers also noted Bernanke's comments, which suggested further rate cuts are likely at the central bank's next meeting later this month.
Elsewhere, silver and copper posted gains, but palladium lost out.
