NEW YORK (Reuters) - Oil fell more than 6 percent on Thursday to its lowest level in nearly four years in response to further bleak economic data that could spell a deeper decline in global energy demand. The number of U.S. workers on jobless rolls hit a 26-year high last month, the government said, while another report showed U.S. factory orders fell sharply for the third month in a row. U.S. light crude dropped $2.86 to $43.93 a barrel by 1:13 p.m. EST after slipping as low as $43.77 -- the lowest since January 2005. London Brent crude fell $2.87 to $42.57. Oil prices have dropped more than $100 a barrel from record highs over $147 in July, as the global credit crunch has eaten into demand in large consumer nations. "Relentless negativity is pressuring the oil complex," said Mike Fitzpatrick, vice president at MF Global.
NEW YORK (Reuters) - Oil fell more than 6 percent on Thursday to its lowest level in nearly four years in response to further bleak economic data that could spell a deeper decline in global energy demand.
The number of U.S. workers on jobless rolls hit a 26-year high last month, the government said, while another report showed U.S. factory orders fell sharply for the third month in a row.
U.S. light crude dropped $2.86 to $43.93 a barrel by 1:13 p.m. EST after slipping as low as $43.77 -- the lowest since January 2005. London Brent crude fell $2.87 to $42.57.
Oil prices have dropped more than $100 a barrel from record highs over $147 in July, as the global credit crunch has eaten into demand in large consumer nations.
"Relentless negativity is pressuring the oil complex," said Mike Fitzpatrick, vice president at MF Global.
