Oil Falls to One-Month Low as U.S. Manufacturing Index Slips

Crude oil declined to a one-month low after a gauge of U.S. manufacturing showed growth at the slowest pace in two years, a sign the economic expansion is faltering.

Futures dropped for a second day after the Tempe, Arizona-based Institute for Supply Management said its factory index decreased to 50.9 in July from 55.3 in June. Prices climbed earlier when President Barack Obama said congressional leaders approved a deal to raise America’s debt ceiling, signaling the country will avoid a default.