Oil Near Two-Month Low, Heads for Biggest Weekly Drop in a Year
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Oil traded near the lowest in almost two months in New York and headed for the biggest weekly drop in a year as a surprise increase in U.S. jobless claims added to signs of slower growth in the world’s largest crude consumer.
Futures were 0.2 percent lower after declining 8.6 percent yesterday, the biggest fall in more than two years. U.S unemployment claims rose the most since August and German factory orders slipped. A report today may show the U.S. generated fewer jobs in April. Oil also slid as the dollar advanced after European Central Bank President Jean-Claude Trichet said he wouldn’t raise interest rates.