Oil Drops to 2012 Low on Chinese Output, Europe Debt

Oil dropped to a 2012 low after China’s industrial growth unexpectedly slowed in April and concern grew that Europe’s debt crisis will worsen, reducing fuel consumption.

Futures fell 1 percent after industrial output increased in China by the least since 2009. Prices also slumped as Spain said it will force lenders to raise provisions against real estate holdings and JPMorgan Chase & Co. reported a $2 billion trading loss. Crude declined a second week after U.S. supplies rose to a 21-year high.