MW: Crude contract off more than 1%, hovers just shy of $79 mark
By Steve Gelsi, MarketWatch
NEW YORK (MarketWatch) -- Crude-oil prices fell below $79 a barrel early Thursday, pressured by jitters tied to Greece's debt, as energy traders also digested a mixed bag of U.S. economic data.
There was a stronger-than-expected reading for U.S. durable-goods orders for January, but first-time jobless claims rose last week, the sixth such increase in the first eight weeks of 2010.
Crude futures fell $1.08 to stand at $78.92 a barrel, but this marked a slight recovery from earlier in the session. Gold futures also dropped, down $5.80 to $1.090.70 an ounce.
Greece remains in the spotlight as Standard & Poor's on Wednesday said the nation's sovereign rating could be on the verge of junk status within a month, while Moody's Investors Service said it would keep the rating unchanged if promised spending cuts by the government are enacted.
In foreign-exchange trading, the U.S. dollar strengthened against the euro, helping apply downward pressure on dollar-denominated commodities.
