Crude Declines on Demand Outlook; IEA May Release More Supplies

Oil fell in New York on concern economic expansion in the U.S. and China is slowing and as the International Energy Agency said it’s prepared to release additional crude from stockpiles.

Futures dropped as much as 1.5 percent. A U.S. government report showed consumer spending stagnated last month and a preliminary purchasing managers’ index showed China’s factory output may rise at the slowest pace in 11 months in June. In Europe, Greek lawmakers will vote on a five-year austerity plan. Failure to pass the plan may lead to the euro area’s first sovereign default.