Crude dips on weak data

U.S. crude prices fell Thursday as weak U.S. economic data outweighed geopolitical risk in the Middle East.

New orders for manufactured durable goods plunged 18.2 percent in August, said the U.S. Commerce Department Thursday. The decline partially offset a surge of 22.5 percent in July driven by strong demand for commercial aircraft.

Also, the number of Americans who initially applied for jobless benefits in the week ending Sept. 20 rose 12,000 to a seasonally adjusted 293,000, reported the U.S. Labor Department.

Moreover, a stronger dollar also weighed on crude prices. The U. S. dollar reached a multi-year high against a basket of major currencies Thursday, while U.S. stocks fell sharply with all three major indexes plunging more than 1.5 percent.

Although battles between the government and rival militants continued in Libya, oil production in the country was affected slightly. Meanwhile, U.S.-led airstrikes against Islamic State militants in Syria targeted oil refineries, fueling geopolitical worries in the area.

Light, sweet crude for November slipped 27 cents to settle at 92.53 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery edged up 5 cents to close at 97 dollars a barrel.