Oil drops a tad on mixed economic data

Oil drops a tad on mixed economic data

London: Oil eased slightly in choppy trade on Thursday after the biggest daily jump since April as traders weighed mixed data about the health of the US economy.

US crude futures fell 9 cents to $70.52 a barrel by 1422 GMT, after rising nearly $4 on Wednesday which was the biggest daily jump in dollar terms since April.

Earlier, US crude prices fell by $1 from the previous close to $69.61 a barrel as investors eyed high distillate stocks ahead of the winter. London Brent crude was steady at $69.07 a barrel.

But economic data later took precedence over more conventional oil market fundamentals as investors raked through fresh economic data for signs of how quickly the US would emerge from the recession.