Bloomberg – Crude oil traded near its lowest level in a month in New York as retreating equities reinforced concern that the recovery will not be strong enough to revive fuel demand.
Futures had gained as much as 0.7 percent before a U.S. report forecast to show that manufacturing expanded in the world’s biggest energy user. Hedge-fund managers and other large speculators increased their net-long position in New York crude- oil futures in the week ended Aug. 10. Crude gave up its gains as European stocks reversed on losses among utilities and telecommunications companies.
