Oil Rebounds After Slumping to One-Month Low on Higher U.S. Jobless Claims

Crude oil rebounded from a one-month low and traded above $76 a barrel in New York after falling as U.S. applications for unemployment benefits rose.

Oil, which has declined 5.7 percent this week, rose for the first time in four days. Futures fell the most in six weeks yesterday as initial jobless claims rose by 2,000 to 484,000 last week, the highest level since February.

Crude oil for September delivery gained as much as 39 cents, or 0.5 percent, to $76.13 a barrel and was at $76.08 in electronic trading on the New York Mercantile Exchange at 9:19 a.m. Sydney time. Yesterday, the contract fell $2.28 to $75.74, the lowest settlement since July 12. Futures are up 8 percent from a year ago.

Brent crude oil for September settlement fell $2.12, or 2.7 percent, to end the session at $75.52 a barrel on the London- based ICE Futures Europe Exchange yesterday. It was the lowest close since July 21.