Commodities: Oil slips, but off lows
Wednesday's bigger than expected rise in crude supplies and worries that a recession will curb demand had oil lower Thursday, although prices finished off their worst levels.
US light crude for March delivery fell 58 cents to $91.75 a barrel on the New York Mercantile Exchange, but had been as low as $89.58 earlier.
The black gold lurched south as traders continued to digest news midweek that US crude inventories rose by 3.6m barrels in the week to 25 January, the third consecutive increase.
A larger than expected 69,000 jump in US first time jobless claims last week to 375,000, did little to dispel fears that a recession is looming. It was the worst figure since last October.
(Article continues below)Advertisement
There were also nerves ahead of today's OPEC policy meeting, although many believe the oil cartel will keep production unchanged.
Meanwhile, gold closed with modest gains, but well short of the record high above $942 it hit following Wednesday's Fed rate cut decision.
Gold for April delivery was up $1.70 at the end of play in New York at $928 an ounce, with dealers suggesting the yellow metal was looking for new direction.
Elsewhere, silver, platinum, palladium and copper all enjoyed gains.
