The largest exchange traded fund (ETF) tracking oil futures dropped more than 3% early Thursday following a rise in U.S. weekly jobless claims and higher inventories.

Applications for jobless claims rose to 474,000 in the latest week as the total came in higher than economists had forecast.

Separately, a report Wednesday from the U.S. Energy Department said oil inventories climbed to the highest level since in several months.

U.S. Oil Fund (NYSEArca: USO) was down more than 3% before the opening bell Thrusday.

U.S. Oil Fund

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