Crude oil slipped in New York, paring this week's gains, after an unexpected surge in initial jobless claims in the U.S. raised concern that fuel demand may slow in the world's leading energy consumer.

Anthony Nunan, an assistant general manager for risk management at Mitsubishi Corp. in Tokyo., stated:

People are concerned that we could see a rebound in gross domestic product but we won't get a rebound in jobs for a while and that will keep demand low.

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