Crude Oil Falls to Two-Week Low on Rising Fuel Supplies in U.S.

Oil fell below $77 a barrel for the first time this month after U.S. fuel stockpiles rose more than forecast, adding to signs that economic growth is slowing in the world’s biggest consumer of crude.

Oil dropped a third day after a report showed that initial jobless claims in the U.S. unexpectedly climbed to a five-month high. Yesterday the Energy Department said gasoline supplies reached the highest level for the weekly reporting period in at least 10 years. The U.S. June trade deficit unexpectedly widened and China’s industrial output grew by the least in 11 months.