Oil Slides Most in a Month on Grim Economic Signals
- U.S. economy shrinks at record pace in 2Q; jobless claims rise
- ConocoPhillips joins wave of explorers bringing back output
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Oil cratered the most in more than a month after data showed the U.S. economy had its worst contraction on record, with demand expected to languish as millions of Americans remain out of work.
U.S. benchmark crude futures tumbled 3.3%, closing at the lowest level in three weeks. Equities in the U.S., Europe and Asia weakened, with the S&P 500 Index spiraling lower by as much as 1.7%.