Oil Falls a Fourth Day as Spending Cuts Trigger Demand Concern

Oil declined for a fourth day in New York, its longest losing streak since May, on concern that a slowing U.S. economy will curb fuel demand in the world’s biggest crude-consuming nation.

Futures dropped as much as 1.1 percent before a U.S. government report forecast to show a gain in crude stockpiles. Data yesterday showed U.S. consumer spending unexpectedly fell in June for the first time in almost two years. Moody’s Investors Service said the nation’s credit rating may be cut on concern that fiscal discipline will ease, further debt reduction measures won’t be adopted and the economy will weaken.