2:30 pm: Oil fluctuates as Gustav bears down on Gulf
NEW YORK (AP) -- Oil prices shot above $120 a barrel and then pulled back Thursday as traders bet the government would tap the Strategic Petroleum Reserve if Tropical Storm Gustav disrupts production. Regardless, consumers are still likely to see a hike in pump prices for Labor Day weekend. Gustav, approaching Jamaica with winds near 70 mph, could regain hurricane strength later Thursday and possibly enter the Gulf of Mexico — home of a quarter of U.S. crude production — as a dangerous Category 3 storm early next week. Fearful of a direct hit, oil companies raced to remove workers from vulnerable oil and gas platforms and brace the structures for heavy rain and wind. Light, sweet crude for October delivery jumped as high as $120.50 a barrel on the New York Mercantile Exchange before pulling back to $115.75, down $2.50. Light trading heading into holiday weekend exacerbated the volatile trading. Oil was also being pressured by a government report showing that U.S.
» Full Story10:15 am: Jobless claims fall for third straight week
WASHINGTON (AP) -- The number of people signing up for jobless benefits declined last week, the third straight drop from a six-year high reached earlier this month, the government said Thursday.
» Full Story9:50 am: Survey says workers' confidence in job market sags
NEW YORK (AP) -- American workers' confidence in the job market is as low as it was during the 2001 recession, according to a survey released Thursday.
» Full Story10 am: Toyota lowers 2009 global sales target
TOKYO (AP) -- Toyota lowered its global sales target for 2009 by 700,000 vehicles to 9.7 million Thursday, showing that even one of the world's most durable automakers is being hurt by rising material costs, a slowing U.S.
» Full Story9:45 am: Economy rebounds, mostly spurred by exports
WASHINGTON (AP) -- The economy shifted to a higher gear in the spring, growing at its fastest pace in nearly a year as foreign buyers snapped up U.S. exports and tax rebates spurred shoppers at home.
» Full Story9:20 a.m.: USW gets authority to strike against ArcelorMittal
PITTSBURGH (AP) ä Members of the United Steelworkers union have voted to give the union authority to launch a nationwide strike against ArcelorMittal, the worldás largest steel producer, if ongoing contract negotiations fail.
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