Oil Extends Decline in New York After Biggest Drop in Two Months

Oil extended its decline after the biggest drop in two months on speculation that a slowing U.S. economy may curb fuel demand.

Futures fell as much as 0.7 percent in New York, adding to a 2.4 percent drop in the previous session that was the most in two months. Crude tumbled more than $3 in less than a minute yesterday as October options were about to expire. The Federal Reserve Bank of New York’s general economic index, known as the Empire State Index, fell to a three-year low. The government reiterated that it is considering ways to prevent oil prices from curbing economic growth.