Crude oil futures extended losses after the U.S. Energy Department said stockpiles increased to a 22-year high.

Inventories of crude oil rose 2.21 million barrels to 384.7 million, a 10th consecutive weekly increase, the department said. Supplies were forecast to grow 1 million barrels.

Oil also fell on speculation that slowing U.S. economic growth and Europe’s debt crisis will reduce fuel demand. More Americans applied for jobless benefits last week, ADP said companies added fewer positions than expected in May and the economy expanded less than estimated.

Crude oil for July delivery fell to $85.86 a barrel on the New York Mercantile Exchange.

Brent oil for July settlement decreased $2.02, or 2 percent, to $101.45 a barrel on the London-based ICE Futures Europe exchange. Prices have dropped 15 percent this month, the most since December 2008.

The price of gold fluctuates on Thursday at the statistical data on the number of Americans who first applied for unemployment benefits, as well as news on the number of jobs in nonagricultural sectors of the U.S. economy in May.

The number of initial claims for unemployment benefits in the U.S. for the week ending May 26, unexpectedly increased by 10,000 and totaled 383,000. Analysts do not expect growth in the number of applications from the previous unrevised figure of 370,000.

The number of jobs in private companies in the USA in May increased by 133,000compared with April, although the projected growth of 150,000 people.

The cost of the June gold futures on the COMEX is kept in the range of $ 1551.8 - $1572.6 per ounce.

Change % Change Last

Gold 1,564 +13 +0.81%

Oil 87.46 -3.30 -3.64%