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Oil fell for a second day after a report showed U.S. employers hired fewer workers than forecast in June, increasing concern that slower economic growth will reduce demand for oil.
Oil erased its weekly gain after the Labor Department said payrolls rose 80,000 last month, less than the 100,000 increase forecast by economists. The International Monetary Fund will reduce its estimate for global growth this year, Managing Director Christine Lagarde said today.
Oil for August delivery fell to $84.26 a barrel on the New York Mercantile Exchange. Crude is down 15 percent this year and 0.6 percent this week.
Brent oil for August settlement declined $2.72, or 2.7 percent, to $97.98 a barrel on the London-based ICE Futures Europe exchange.
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