Oil fell the most in a week with a sluggish U.S. labor market compounding concerns that demand will remain weak. Futures in New York declined 0.8% on Thursday, retreating from a five-month high. Applications for U.S. unemployment benefits unexpectedly increased last week, boding poorly for fuel consumption as millions of Americans remain out of work. Magnifying the dour view for a pickup in demand, minutes from the U.S. Federal Reserve said the pandemic would weigh heavily on economic activity. OPEC+ also warned at a meeting Wednesday that the pace of the demand rebound was slower than expected and at risk from a prolonged second wave of the coronavirus. The rise in U.S. jobless claims “put a damper on sentiment,” weighing on crude futures, said Harry Tchilinguirian, head […]