Crude Oil Falls as Equities Decline Renews Fuel-Demand Concerns - Bloomberg

By Yee Kai Pin and Christian Schmollinger Aug. 7 (Bloomberg) -- Crude oil fell for a second day as adrop in Asian equity markets renewed concerns that the globalrecession will erode fuel demand.

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Asian stocks dropped for the third time in four days,extending a decline in U.S. equity markets. Crude oilinventories in America rose 1.67 million barrels to 349.5million last week, a five-week high, an Energy Department reportshowed Aug. 5. “There are definitely some investors that are reassessingthe global outlook,” said Ben Westmore , an energy and mineralseconomist with National Australia Bank Ltd. in Melbourne in aBloomberg Television interview. “You’ve still got weakfundamentals. Until you see some draw downs in oil productinventories, you won’t be able to get a sustained increase inoil prices in the short-term.” Crude oil for September delivery on the New York MercantileExchange fell as much as 46 cents, or 0.6 percent, to $71.48 abarrel in after-hours electronic trading. It was at $71.60 abarrel at 12:42 p.m. in Singapore. Yesterday, the contractslipped 3 cents to settle at $71.94. Futures have gained 61percent this year and climbed 20 percent in the past four weeks.

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