Crude Oil Erases Gains in New York as European Equities Drop - Bloomberg

Nov. 13 (Bloomberg) -- Crude oil was little changed in NewYork, erasing earlier gains as European equity markets fell,reinforcing concerns about the global economic recovery.

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Stock markets in the U.K., Germany and France traded lower,after rising in early trade. Oil fell as much as 3.5 percentyesterday after a U.S. government report showed risingstockpiles of crude oil and products. “At the moment we’re watching equities,” Sam Tazi , atrader at CMC Markets in London, said by phone. “We had a verybig move yesterday. The sell-off was understandable.” Oil for December delivery traded at $76.89 a barrel, down 5cents on the New York Mercantile Exchange as of 1:36 p.m. Londontime. The contract earlier rose as much as 1 percent.

Full Story: Crude Oil Erases Gains in New York as European Equities Drop - Bloomberg