Economics
Oil Heads for Two-Month Low as Bleak Demand Signals Proliferate
- Key U.S. factory gauge shows weakest condition since June 2009
- OPEC oil output fell the most in 16 years last month
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Oil fell to the lowest in almost two months as negative economic signals darkened the outlook for global energy demand.
Futures dropped 0.8% in New York on Tuesday. Manufacturing in the world’s largest economy has slumped and the World Trade Organization cut its forecast for commerce to a decade low. The bleak economic picture contrasted with a plunge in OPEC crude output last month driven almost entirely by crippling attacks on Saudi Arabian oil installations.