Oil Falls a Second Day on China Output Drop, U.S. Productivity
This article is for subscribers only.
Crude oil fell for a second day after China’s industrial output grew the least in 11 months and the productivity of U.S. workers dropped in the second quarter, adding to signs the economic recovery is faltering.
Oil dropped 1.5 percent yesterday as the Labor Department said the U.S. lost momentum heading into the second year of the recovery from the recession. China’s industrial production rose 13.4 percent in July from a year earlier, the fourth month output slowed, as the government cracked down on real-estate speculation, curbed credit and closed factories to meet energy- efficiency targets.