Oil Declines From Seven-Week High on Outlook for China, Europe

Oil fell from a seven-week high in New York on concern that fuel demand may falter after China signaled risks to its economy and as analysts cut profit forecasts for European companies at the fastest rate since 2009.

Futures slid as much as 0.7 percent after advancing a fifth day yesterday, the longest run of gains since April. The risk of job losses in China, the world’s second-biggest crude user, will become more “severe,” Premier Wen Jiabao said, according to a statement on the government’s website. Profits for companies included in the Euro Stoxx 50 Index will rise 6.8 percent in 2012, compared with a 19 percent gain predicted at the start of the year, more than 12,000 estimates compiled by Bloomberg show.