Economics
Oil Wipes Out 2011’s Gains on Signs Recovery Stalling
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Oil fell to the lowest level in five months in New York, erasing 2011 gains amid growing evidence the U.S. economic recovery is stalling and sapping demand in the world’s biggest consumer.
Futures dropped 5.8 percent as a U.S. government report showed limited improvement in the labor market. The Dollar Index gained as much as 1.5 percent, curbing commodities’ appeal as an alternative investment, and the MSCI All-Country World Index of stocks slid 3.9 percent.