Oil Falls on ‘More Uncertain’ European Economic Outlook

Oil tumbled the most this year as European Central Bank President Mario Draghi said the euro area’s economic outlook has become “more uncertain.”

Prices fell 2.5 percent as Draghi said the region’s economic forecast is subject to downside risks, though the ECB still expects a gradual recovery this year. The central bank held its benchmark interest rate at a record low of 1 percent. Oil’s loss accelerated after data showed U.S. service industries expanded at a slower pace than projected in April.