Oil Falls From 31-Month High; Heads for Eighth Monthly Advance

Oil dropped from a 31-month high in New York, trimming an unprecedented eighth monthly gain, as evidence the global economic recovery is faltering stoked speculation demand for crude will decline.

Futures fell as much as 0.4 percent after data showed South Korea’s industrial production and U.S. economic growth missed analysts’ forecasts. Reports today may show U.S. spending cooled and businesses grew at a slower pace in the world’s biggest crude-consuming nation. Asian oil demand growth will slow in the second half of the year as consumers “feel the pinch” of higher fuel prices, JPMorgan Chase & Co. said.