Oil Falls the Most in Three Weeks as U.S. Employers Curb Hiring
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Crude oil dropped the most in three weeks after data showed that U.S. companies added fewer jobs than forecast last month and the expansion of manufacturing slowed, bolstering concern fuel demand growth will weaken.
Oil fell 2.4 percent after ADP Employer Services said employment rose by 38,000 in May, the smallest gain since September. A 175,000 increase was forecast, according to a Bloomberg News survey. The Institute for Supply Management’s factory index decreased to the lowest level since September 2009, the Tempe, Arizona-based group said today.