Oil Has Longest Drop in Seven Weeks on China Data; VTB Sees $72

Crude oil fell for a fourth day in New York, the longest losing streak in seven weeks, amid concern the economic recovery in the U.S. and China will slow and curb demand in the world’s two largest energy consumers.

Oil slumped to its lowest in two weeks as Hurricane Alex weakened to a Category 1 storm on its path over northeastern Mexico and forecasters said it could be further downgraded to a tropical storm by tomorrow. China’s manufacturing expanded at a reduced pace for a second month in June, adding to signs the fastest-growing major economy is cooling.