Oil Falls to Lowest Level in 11 Weeks as U.S. Home Sales Plunge

Oil dropped to its lowest level in 11 weeks as sales of previously owned U.S. homes fell more than forecast in July, boosting speculation that economic growth is slowing and curbing fuel demand.

Futures declined 2 percent as U.S. stocks plummeted after the National Association of Realtors reported purchases of existing homes tumbled 27.2 percent to a 3.83 million annual rate. U.S. crude supplies rose last week amid a 20-year high in petroleum stockpiles, according to estimates of analysts surveyed by Bloomberg News.