Crude Drops on Signs China, U.S. Fuel Demand May Slow
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Oil declined for a second day in New York on speculation that a slump in Chinese imports and rising unemployment in the U.S. may indicate fuel demand will falter in the world’s biggest crude-consuming nations.
Futures slipped as much as 2 percent after government reports in China showed net oil imports shrank 10 percent in June to the lowest in eight months, according to Bloomberg calculations, while inflation surged to a three-year high. A July 8 Labor Department report showed that the unemployment rate unexpectedly rose to the highest this year. European stocks fell amid concern that the region’s debt crisis will spread to Italy.