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Oil fell
Oil fell, heading for its largest quarterly decline in New York since the 2008 financial crisis, as signs of slowing growth in China, the U.S. and Germany heightened concerns that fuel demand will suffer. West Texas Intermediate futures have fallen 15 percent this quarter, the biggest drop since the three months ended Dec. 31, 2008. Chinese manufacturing fell for a third month, according to data from HSBC Holdings Plc, while Germany’s Federal Statistics office said retail sales declined the most in more than four months in August. U.S. consumer spending slowed in August as incomes declined, the Commerce Department said today. WTI’s discount to Brent oil narrowed for a sixth day, the longest streak since March 2010. Crude for November delivery on the New York Mercantile Exchange fell as much as $1.59, or 1.9 percent, to $80.55 a barrel and was at $80.64 at 1:52 p.m. London time. WTI is down 9.2 percent this month. Brent oil for November settlement fell $1.57 to $102.38 a barrel on the ICE Futures Europe exchange in London. Prices are down 9 percent this quarter.
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