Oil Tumbles to a Three-Week Low on Signals of Slower Growth

Crude oil tumbled to a three-week low on concern economic growth in the U.S. and China will slow, curbing demand in the two largest energy-consuming countries.

Oil slipped 3.5 percent after U.S. manufacturing increased at a slower pace last month and the Labor Department reported that more Americans applied for jobless benefits last week. China’s manufacturing growth slowed for a second month in June, adding to signs the fastest-expanding major economy is cooling, according to a survey.