Crude Oil Falls on Concern Economic Slowdown to Temper Demand - Bloomberg

By Christian Schmollinger March 27 (Bloomberg) -- Oil fell in New York, paring thisweek’s gains, on signs a deepening recession in Japan will cutdemand for fuels in the world’s third-biggest crude user.

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Retail sales in the Japan fell a more-than-expected 5.8percent in February, the Trade Ministry said today. Nippon OilCorp., the country’s largest refiner, will cut processing runsin April by 23 percent. U.S. crude stockpiles rose to thehighest since July 1993, according to a government yesterday. “We’ve got storage at the highest level in 16 years andstill weak demand,” said Jonathan Kornafel , a director for Asiaat options traders Hudson Capital Energy in Singapore.

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