Oil Falls a Third Day on Concern Slow Recovery Will Hurt Demand
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Crude oil fell for a third day in New York on speculation that a slower pace of recovery in the U.S. will curtail fuel consumption.
Oil gave up most of this week’s gains as manufacturing in New York and Pennsylvania dropped, part of a nationwide decline in factory production of 0.4 percent in June. Reports from the International Energy Agency and the Organization of Petroleum Exporting Countries forecast that this year’s demand recovery will continue into 2011.