Commodities extended their decline, touching the lowest level in almost eight months, after U.S. employers created fewer jobs than economists estimated and Chinese manufacturing slowed.
The Standard & Poor’s GSCI Spot Index fell 2.1 percent to 583.53 at 10:27 a.m. in New York, after touching 578.35, the lowest level since Oct. 4. The index has dropped 6 percent this week, heading for a fifth straight decline and the biggest since September. Oil, natural gas and gasoline led the losses.
Crude oil for July delivery fell $2.64, or 3.1 percent, to $83.89 a barrel on the New York Mercantile Exchange. The contract dropped to $82.56, the lowest intraday price since Oct. 7. Prices fell 17 percent in May, the biggest slide since December 2008.