Oil Drops a Second Day on Signs of Slowing Economy; OPEC Meets
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Oil dropped for a second day in New York, extending last week’s 0.4 percent decline, on signs of a slowdown in demand as OPEC ministers arrived in Vienna to discuss production quotas.
Futures fell as much as 1.4 percent as the highest U.S. jobless rate this year fueled concern that the recovery in the world’s largest economy is faltering. The Organization of Petroleum Exporting Countries is unlikely to change targets when it meets June 8, according to a Bloomberg News survey of 30 analysts conducted in the week to May 31.