Oil Falls a Fourth Day on Concern China, U.S. Growth Is Slowing

Crude oil fell for a fourth day in New York, the longest losing streak in seven weeks, amid concern the economic recovery in the U.S. and China will slow, curbing demand in the world’s two largest energy consumers.

Oil dropped 0.4 percent yesterday, capping the first quarterly decline since 2008, after reports showed a slowdown in U.S. private payrolls last month and an unexpected increase in weekly gasoline supplies. China’s manufacturing expanded at a reduced pace for a second month in June, adding to signs the fastest-growing major economy is cooling.