Oil fell the most in almost four months as thin trading volumes exacerbated the fallout from gloomy reports about the health of the global economy.
Downbeat data on the US jobs market and Chinese manufacturing sent West Texas Intermediate below $72 a barrel on Tuesday to the lowest close since March 24. The 5.3% drop was the biggest daily percentage decline since Jan. 4. US trading volumes slipped to the lowest since December 2022 Monday amid holidays in Asia and the UK.
“The market is an investor desert,” said Scott Shelton, an energy specialist at ICAP. “The fundamental information that generates predictable price action doesn’t exist.”
Vacancies at US employers fell to an almost two-year low in March, a fresh sign of a softening labor market. Activity in China’s export-tilted manufacturing sector missed estimates in April, a possible hint of a recession among customers in the…