Commodity Index Extends Decline

Index at lowest level since October after disappointing U.S. jobs report.

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

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.

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