West Texas Intermediate crude fell for a fifth day, the longest stretch of declines since December, as better-than-expected U.S. jobless claims raised concern that the Federal Reserve will trim stimulus measures.

Prices dropped as much as 2 percent. About 333,000 American workers applied for unemployment benefits last week, below the 335,000 estimate by economists in a survey. The Fed may begin curbing bond purchases in September, Fed Bank of Chicago President Charles Evans said Aug. 6. U.S. crude output jumped last week to the highest level since 1989, government data showed yesterday.

WTI for September delivery slid $1.89, or 1.8 percent, to $102.48 a barrel at 10:39 a.m. on the New York Mercantile Exchange. The volume of all futures traded was 6 percent above the 100-day average. Prices last slid for five consecutive days in the period ended Dec. 10.

Brent for September settlement slipped $1.36, or 1.3 percent, to $106.08 a barrel on the London-based ICE Futures Europe exchange. Volume was 1 percent lower than the 100-day average.