Crude Oil Falls on World Bank Forecast for a Deeper Recession - Bloomberg

By Yee Kai Pin June 23 (Bloomberg) -- Crude oil fell in New York for athird day as equity markets declined on speculation fuel demandwill weaken further amid the global recession.

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Oil sank below $67 a barrel as the MSCI Asia Pacific Index fell the most in almost six weeks, after U.S. and European sharemarkets declined yesterday. The dollar gained against the eurofor a second day, limiting the appeal of commodities as a hedgeagainst inflation. “It is too early to proclaim a rout, and the bulls mayrally, but the oil bears are in a better position for a decisivevictory now than they have been at any time in 2009,” PeterBeutel , president at trading advisory firm Cameron Hanover inNew Canaan, Connecticut, said today in a note to clients.

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