Crude fell for a second day as more Americans than projected filed applications for unemployment benefits and European Central Bank President Mario Draghi said risks remain to the region’s economy.

Prices dropped as much as 1.8 percent as jobless claims rose to the highest level since Nov. 24 in a Labor Department report. U.S. jobless claims rose by 28,000 in the week ended March 30 to 385,000, the Labor Department said today in Washington. The median forecast was 353,000 in a survey. The four- week average of claims increased to 354,250 from 343,000.

Weak economic activity has been evident in the early part of this year, Draghi said at a press conference in Frankfurt after the ECB kept its benchmark interest rate at a record low of 0.75 percent.

WTI oil for May delivery fell to $92.34 a barrel on the New York Mercantile Exchange. It closed at $94.45 yesterday, the lowest settlement since March 22.

Brent crude for May settlement declined 88 cents, or 0.8 percent, to $106.23 a barrel on the London-based ICE Futures Europe exchange. 

Change % Change Last

GOLD 1,557.60 -18.30 -1.16%

OIL 94.45 -2.74 -2.82%