Oil prices tumble on economy worries

Oil prices tumbled Thursday on new signs that the economy remains weak and that demand for crude is still tepid at best.

Benchmark crude for April delivery fell $1.83 to settle at $78.17 a barrel on the New York Mercantile Exchange.

Oil has been bouncing back and forth for months between $70 and $80 as investors watch economic data for clues about where the economy is heading following the Great Recession.

The signs Thursday were mostly negative as the government said new claims for unemployment benefits last week jumped unexpectedly while a separate report on big-ticket manufactured goods was mixed. (more)