Crude Oil Falls on Renewed Growth Concern After Two-Day Rally
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Oil fell in New York on speculation the biggest two-day rally in seven months was exaggerated amid U.S. unemployment and signs of slowing global demand for crude.
Futures slipped as much as 0.6 percent, paring the first weekly increase in three. OPEC will keep shipment levels unchanged through most of this month as the economic slump constrains demand, tanker-tracker Oil Movements said. The jobless rate in the U.S., the world’s biggest crude user, held at 9.1 percent for a third month in September, a Labor Department report may show today. A technical indicator signaled oil-price rises aren’t justified by buying momentum.