Crude Falls as Demand Slows in China, S&P Cuts Greece’s Rating
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Crude oil fell to a four-week low as fuel demand from China slowed and Standard & Poor’s cut Greece’s credit rating to the lowest level held by a country.
Oil dropped 2 percent as government data showed China’s oil-product consumption fell 4 percent in May and S&P cut Greece to CCC. The spread between New York-traded WTI crude and London’s Brent widened to $21.80 a barrel as supply disruptions in the North Sea and Libya bolstered demand for the European grade.