Oil Declines for a Second Day on Growth Concerns, Equity Slump

Oil declined for a second day in New York before reports that may show slowing economic growth in the U.S. and China, curbing fuel demand in the world’s two largest crude consumers.

Futures slid as much as 0.7 percent, after the biggest single-session drop in four weeks on June 10. Sales at U.S. retailers probably fell in May for the first time in 11 months and China’s industrial production slowed, according to economists surveyed by Bloomberg before reports scheduled for tomorrow. Asian stocks extended losses after the longest streak of weekly declines since October 2008.