Oil Drops in New York as Growth Concern Weighs on Demand Outlook

Oil fell a second day in New York, trimming a weekly gain, after interest-rate cuts in Europe and China failed to assure investors the moves will be enough to boost economic growth and support demand.

Futures slid as much as 1.6 percent, extending yesterday’s 0.5 percent drop, after European Central Bank President Mario Draghi said some “downside risks to the euro-area economic outlook have materialized” as the ECB cut rates to a record low. The People’s Bank of China also reduced borrowing costs. Data today may show the pace of hiring in the U.S. accelerated in June while unemployment was unchanged. London’s Brent crude slipped amid speculation Norway’s government will stop a strike by energy workers.