Oil Trades Near Six-Week Low

Crude oil was little changed in New York after falling to a six-week low yesterday on concern defaults in the U.S. housing market may slow demand in the nation's economy, the world's biggest oil user.
Oil dropped after OPEC left its production targets unchanged and warned of ``downside risks'' to global demand if the U.S. economy slows. The slide accelerated after former U.S. Federal Reserve Chairman Alan Greenspan said he expects the fallout from subprime-mortgage defaults to spread to the broader economy.