Signs of Stalling Global Growth Hit Oil

Originally published on Fox Business Oil prices fell on Monday as weak manufacturing data from the United States, Europe and China reinforced concerns about slowing economic growth and a resulting slowdown in demand for petroleum. Ongoing fears about the euro zone crisis added pressure to oil as enthusiasm for a European Union (EU) bank bailout deal faded after the agreement had helped push crude prices on Friday to their fourth-biggest daily gain on record. News that Iranian lawmakers had drafted a bill calling for Iran to shut off the Strait of Hormuz to oil tanker traffic helped limit oil's losses, especially for Brent crude. A strike by Norwegian offshore oil workers now in its second week also lent support to crude prices. Continue reading this article here.