Economics
Oil Falls to Eight-Month Low on U.S. Stockpiles, China
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Oil dropped to the lowest price in eight months in New York after U.S. stockpiles unexpectedly increased and a report signaled China’s manufacturing will shrink this month.
Front-month futures slipped as much as 1.7 percent after declining 2.7 percent yesterday. U.S. crude supplies rose 2.9 million barrels last week to 387 million, the highest level since July 1990, an Energy Department report showed. Federal Reserve policy makers lowered the outlook for U.S. economic growth and employment, while an index of Chinese manufacturing by HSBC Holdings Plc and Markit Economics pointed to a contraction for an eighth month. The U.S. and China are the world’s biggest oil consumers.