Oil Slides as Inflation Signs Raise Worry of Commodity Pullback
- China premier says country needs to deal with commodity surge
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Oil slumped the most in over a month alongside a commodities downturn as growing inflation concerns raise the specter of a less accommodative U.S. Federal Reserve.
West Texas Intermediate futures fell 3.4% on Thursday to the lowest since the end of April. Prices paid to U.S. producers rose in April by more than forecast, adding to signs of rising inflationary pressures that have gripped broader markets recently. Elsewhere, China’s Premier Li Keqiang urged the country to deal effectively with the commodity price surge and its impact, according to a state television report, echoing previous comments from officials.