Crude Oil Declines in New York on Outlook for Slowing Demand
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Oil fell in New York on concern the economic expansion in the U.S. is slowing and as the International Energy Agency said it’s prepared to release more stockpiles to stabilize prices.
Futures dropped as much as 0.7 percent before reports this week that may show U.S. consumer spending climbed at the slowest pace in almost a year and manufacturing cooled. Greek lawmakers will vote on a five-year austerity plan that must pass for the cash-strapped nation to secure more international aid. The IEA, adviser to 28 nations, will act again if needed, Executive Director Nobuo Tanaka said in Beijing on June 25.