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Oil fell for a second day, dropping below $93 a barrel Thursday following a report that showed more Americans filed for unemployment benefits last week, Bloomberg News reported.
Crude futures fell $1.54 to $92.91 a barrel on the New York Mercantile Exchange, after taking its biggest decline of the year on Wednesday, falling $2.74, Bloomberg said.
Wednesday’s $94.45 Nymex closing price was the lowest since March 22.
The U.S. Labor Department will report Friday on the March unemployment rate, which economists project to hold at 7.7%. Employers are projected to have added 190,000 workers to payrolls for the month, according a Bloomberg survey.