Oil Drops on Slowing Economy, Prospect of Another IEA Release

Oil fell to the lowest level in more than four months as data showed U.S. consumer spending stagnated last month and after the International Energy Agency said it’s prepared to release more crude from stockpiles.

Crude dropped 0.6 percent after a U.S. report showed consumer spending was little changed last month, raising concern that a slowing U.S. economy will reduce energy demand. The IEA, which announced June 23 that it would release 60 million barrels from strategic reserves, said it will decide in 30 days whether to tap those stockpiles again.