Economics
Oil Slips as Factories, Housing Flash Latest Economic Warnings
- ‘Demand side’ a drag despite OPEC+ output cut, says TD’s Melek
- WTI futures drop 1.1%; Ross lowers expectations for G20 deal
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Oil slipped further into a bear market as American factories and homebuilders offered the latest signs of weakening demand.
Futures slid 1.1% in New York while London-traded Brent crude fell almost 2% as OPEC and its allies struggled to pick a meeting date to discuss supply cuts. In the U.S., the Federal Reserve found a record slowdown in June for New York State factories while sentiment among housing contractors unexpectedly dropped for the first time all year.