Crude Oil Declines to Five-Week Low on Concern U.S. Economy Is Faltering - Bloomberg

Crude oil dropped to a five-week low on concern that a faltering economy will curb fuel demand in the U.S., the world’s biggest oil-consuming country.

Futures declined as much as 2.2 percent after a report showed service industries expanded in July at the slowest pace since February 2010. The decline accelerated after the Energy Department said crude oil inventories climbed 950,000 barrels to 355 million last week.

“The main driver is the economy,” said Sean Brodrick, a natural resource analyst with Weiss Research in Jupiter, Florida. “If the U.S. economy is slowing the easiest path for oil is lower. We’ll soon be testing support just below $90.”

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