Oil Falls a Second Day as Economies Slow, Crude Stockpiles Rise
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Oil declined for a second day in New York after reports showed U.S. crude supplies rose, companies added fewer jobs than forecast and global manufacturing slowed, stoking speculation fuel demand may falter.
Futures fell as much as 1 percent after the biggest drop in three weeks yesterday. Crude stockpiles climbed the most in more than a month, according to the American Petroleum Institute. Employment rose by 38,000 in May, the smallest gain since September, ADP Employer Services said. A 175,000 increase was forecast, according to a Bloomberg News survey. Manufacturing in China, Europe and the U.S. slowed in May.