Crude Oil Rally Again Fades

(RTTNews) - Crude oil futures fell Thursday, continuing a roller coaster ride that has seen prices jump around the $30 a barrel mark.

Trimming yesterday's big gains, WTI crude oil for March was down 56 cents at $31.71 a barrel. Last month oil touched its lowest in 12 years.

There were few positive catalysts to keep the rally going. US crude oil inventories are surging, the global supply glut is getting worse, and demand from China is on the wane.

Traders were cautious ahead of the release of the Labor Department's monthly jobs report on Friday.

Employment is expected to increase by about 188,000 jobs in January after jumping by 292,000 jobs in December. The unemployment rate is expected to hold at 5.0 percent.

Before the start of today's trading, the Labor Department released a report showing that initial jobless claims rose more than expected in the week ended January 30th.