Economics
Oil Drops as U.S. Stocks Halt Six-Day Rally; Copper Gains
This article is for subscribers only.
Oil slumped the most in more than a month as Iraq’s army recaptured territory from militants. U.S. stocks ended a six-day rally and European equities fell as data showed weakness in euro-area manufacturing and services.
Brent crude slipped 0.6 percent from its highest level in almost nine months. The Standard & Poor’s 500 Index dropped less than 0.1 percent, after closing at a record last week. The Russell 2000 Index of smaller companies lost 0.3 percent and the Stoxx Europe 600 Index fell 0.5 percent. Yields on 10-year Treasuries rose two basis points to 2.63 percent. Copper futures rose 0.9 percent and zinc added 0.5 percent as Chinese factory output beat estimates. Dubai stocks entered a bear market.