Crude Oil Drops to Five-Week Low on Weaker U.S. Growth Outlook

Crude oil fell to a five-week low in New York and reached a record discount against Brent crude as a drop in U.S. personal spending signaled growth is slowing in the world’s biggest oil-consuming country.

Futures dropped 1.2 percent after the Commerce Department in Washington said purchases slipped 0.2 percent in June, the first decline in almost two years. The decrease in prices accelerated after President Barack Obama signed a bill to raise the U.S. debt limit by at least $2.1 trillion, averting by hours a first-ever U.S. financial default.