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Brent North Sea crude oil for September delivery fell as low as 75.62 dollars per barrel. This oil later stood at 76.38 dollar, down 1.26 dollar from Wednesday.

New York's main contract, light sweet crude for September delivery, dropped as low as 76.05 dollars, then traded at 76.84 dollars, down 1.18 dollars.

Wall Street fell further on Thursday, after the stock market losses in Asia and Europe because the data showed an unexpected increase in weekly jobless claims for the recovery of fanning fears of the world's largest economy.

Dow Jones Industrial Average fell 1.03 percent in opening trading, after declining 2.5 percent on Wednesday.

Data showed the U.S. unemployment benefits last week suddenly jumped to its highest level in about six months, raising fears of unemployment may reduce recovery.

Initial claims rose in 2000 to 484 000 a week until August 7 from the previous week increased by 482 000, revised. Most economists estimated 465 000 new claims.

The oil market fell in response because the United States is the world's largest energy consumer.

"At the opening, the Dow fell more than one percent due to weak market terrible unemployment claims and show other signs of stubborn unemployment situation," said CMC Markets analyst James Hughes.

Stock markets mainly fell on Thursday as investors cast a lot of risky assets amid mounting fears over a global economic recovery.

A fierce indiscriminate selling in equity markets started Wednesday, after U.S. Federal Reserve and the Bank of England lowered their prospects, while investors also avoid risk amid signs of slowdown in industrial growth and rising inflation in China.

A sharp widening U.S. trade deficit adds to the darkness, triggering fears of a double-dip recession (ressi W-shaped) in the countries of the world's biggest energy consumer.

"Crude oil prices retreated for a third day in a row ... in the midst of the continuing concerns over the fragile global economic recovery could slow demand for oil," said Sucden analyst Sokou Myrto.

He added: "The energy market return to the previous trading range 70-80 dollars per barrel, global uncertainty and the disappointing economic figures from the U.S., eurozone and China hit the market weight." (A026/K004)

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