Oil Drops Before U.S. Jobs Data; Gulf Rigs Shut as Storm Builds

Oil dropped in New York, trimming a second weekly gain, as investors speculated a U.S. jobs report will signal the economy is weakening, curbing fuel demand in the world’s biggest crude consumer. A tropical depression shut rigs in the Gulf of Mexico.

Futures fell as much as 0.6 percent before data today that may show companies slowed hiring last month. Oil rose earlier after almost 6 percent of crude output in the Gulf was shut ahead of the strengthening storm. The depression may approach the southern coast of Louisiana this weekend, according to the National Hurricane Center.