Oil fell to its lowest level in more than three weeks in New York and headed for a weekly decline as worse-than-forecast U.S. economic data and Europe’s outlook stoked speculation fuel demand may drop. Futures dropped as much as 1 percent. European Central Bank President Mario Draghi said the region’s economic prospects had downside risks, while reports showed service industries in the U.S. grew less than projected and consumer confidence weakened. Prices may extend losses next week as economic growth and fuel consumption slows, according to a Bloomberg News survey. “Some of the recent U.S. and European data has been a little bit weaker, a little bit on the soft side,� Ric Spooner, a chief market analyst at CMC Markets in Sydney, said by telephone today. “The central assumption is that we’ll see moderate growth across the world, patchy in places.� Crude for June delivery on the New York Mercantile Exchange fell as much as 99 cents to $101.55 a barrel, the lowest since April 11, and was at $101.57 at 8:58 a.m. London time. Prices are 3.2 percent lower this week and poised for the first weekly decline in three. Brent oil for June settlement on the London-based ICE Futures Europe exchange fell 83 cents to $115.25 a barrel. The European benchmark contract was at a $13.68 premium to New York futures, compared with $13.54 yesterday. New York crude has technical support along its 100-day moving average, data compiled by Bloomberg shows. Futures halted yesterday’s drop near this indicator, at $102.40 a barrel today. Buy orders tend to be clustered near chart-support levels. Economic Data The Institute for Supply Management said yesterday its U.S. non-manufacturing index fell to a four-month low of 53.5 in April from 56 in March. The median projection of 70 economists surveyed by Bloomberg News was for 55.3. A reading above 50 in the Tempe, Arizona-based group’s gauge signals expansion. The Bloomberg Consumer Comfort Index declined to 37.6 last week, the lowest level in two months. Hiring probably picked up in April after the weakest gain in five months and the U.S. jobless rate stayed at 8.2 percent, economists said before Labor Department data today. Payrolls climbed by 160,000 workers after a 120,000 gain in March, according to the median forecast in a Bloomberg News survey. “The markets will be holding a collective breath� ahead of the jobs report, Stephen Schork, president of The Schork Group Inc., a consultant in Villanova, Pennsylvania, said in a note today. “Recent headlines suggest the number might underwhelm.� Price Survey Oil in New York will decline through May 11, according to 18 of 33 analysts and traders surveyed by Bloomberg News. Eleven respondents, or 33 percent, predicted futures will rise and four estimated there will be little change. Last week, 43 percent of survey respondents forecast a decrease. It is too early to be sure supply conditions have improved even as the oil market showed “slight loosening� last quarter, Maria van der Hoeven, executive director of the International Energy Agency, said at an industry conference in Paris yesterday. The adviser to 28 industrialized nations previously coordinated the release of emergency stockpiles and is ready to act again if a major disruption occurs, she said. There is no oil-supply shortage and the Organization of Petroleum Exporting Countries is “not happy� with current prices, which may lead to demand destruction, the group’s Secretary-General Abdalla el-Badri said at the same event. OPEC’s 12 members pump about 40 percent of the world’s crude. To contact the reporter on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

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