Oil fell to a six-month low as investors speculated Spanish banks may have their credit ratings lowered and an American gauge of manufacturing trailed projections, bolstering concern that economic growth will slow.
Oil fell to the lowest level in more than six months as U.S. supplies grew to the most since 1990 and talks to form a coalition government in Greece collapsed, raising concern that Europe’s debt crisis will worsen.
Oil fell below $100 a barrel for the first time since February as U.S. employers added fewer workers than forecast, stoking concern that demand won’t be enough to reduce inventories from their highest level in 21 years.
Oil rose as the reversal date for the Seaway crude pipeline was moved up, causing the spread between New York-traded futures and Brent in London to narrow. Retail sales in the U.S. increased more than forecast in March.