Oil Falls a Third Day on Concern Slow Recovery Will Curb Demand
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Crude oil fell for a third day in New York on speculation that the U.S. economic recovery is slowing, reducing fuel demand in the world’s biggest energy- consuming country.
Oil slipped 0.8 percent and equities tumbled after a preliminary index of consumer sentiment declined to the lowest level since August. Prices retreated yesterday as manufacturing in New York and Pennsylvania dropped, part of a nationwide decline in factory production of 0.4 percent in June.