Crude Oil prices were slightly lower Thursday, pulling back from their 1 year high of $82 a barrel, as weekly data showed a worse-than-expected picture in employment and as the U.S. Dollar rebounded against other major currencies.
Crude prices jumped on Wednesday after weekly U.S. government data showed a large drop in gasoline inventories over the past week and fuel demand rising about 4% year-on-year. The Energy Information Administration reported Wednesday that petroleum demand remained weak in the U.S., with demand for gasoline falling to the lowest level in more than 5 months.
Energy markets have looked to economic data for signs of a rebound in the economy that could bolster flagging oil demand. A stronger Dollar tends to push down Dollar-denominated commodities prices.