Crude Oil Trades Near $72 After Dollar Weakens, Equities Rise - Bloomberg

By Yee Kai Pin Sept. 23 (Bloomberg) -- Crude oil fell in New York after anindustry report showed an increase in fuel supplies in the U.S.,adding to signs demand has yet to recover in the world’s largestenergy consumer.

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Oil pared yesterday’s 2.6 percent gains after a report fromthe industry-funded American Petroleum Institute showed U.S.gasoline stockpiles had the biggest climb since January. TheEnergy Department report today is expected to post increases inthe country’s fuel inventories, according to a Bloomberg Newssurvey. “We’ve been expecting a demand recovery but we stillhaven’t seen much of a justification in the supply-demandfundamentals,” said Toby Hassall , a research analyst with CWAGlobal Markets Pty in Sydney. “The underlying supply-demandprofile still suggests the market could be vulnerable to apullback.” Crude oil for November delivery fell as much as 63 cents,or 0.9 percent, to $71.13 a barrel in electronic trading on theNew York Mercantile Exchange. The contract was at $71.20 at 9:44a.m. in Singapore. Futures have gained 60 percent this year.

Full Story: Crude Oil Trades Near $72 After Dollar Weakens, Equities Rise - Bloomberg