Oil Falls a Second Day on Speculation U.S., China Demand to Slow
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Oil dropped for a second day in New York as signs of weakening U.S. fuel demand and slowing crude imports in China stoked speculation that consumption will falter in the world’s largest energy users.
Futures fell as much as 1.9 percent before the Energy Department publishes figures that may show that crude inventories rose last week. The American Petroleum Institute said yesterday that U.S. gasoline demand slid the most in more than five years. China’s net crude imports declined to the third-lowest level this year, the customs bureau said today.