Economics
Oil Falls as Economic Uncertainty Outweighs U.S. Supply Decline
- New York futures snap a three-day rally, posting a 1.6% drop
- Prices erase earlier gains sparked by drop in U.S. inventories
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Oil posted the biggest drop in almost a week as uncertainty over the health of the global economy and the prospect of more Middle East output offset a drop in U.S. supply.
Futures in New York closed down 1.6% on Wednesday, in a volatile trading session that snapped a three-day rally. Demand is looking shaky following disappointing manufacturing data from the U.S. and Europe.