Oil Declines a Second Day on Bets U.S., China Demand May Falter
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Oil dropped for a second day in New York on speculation the recovery in fuel demand may falter in the U.S. and China, the world’s biggest energy users.
Futures declined from a 30-month high yesterday after an increase in the Institute for Supply Management’s index of non-manufacturing businesses fell short of economist forecasts and China’s central bank raised interest rates. An Energy Department report today may show U.S. crude stockpiles rose for a fifth week, according to a Bloomberg News survey.