Oil Drops for a Second Day on Signals Economic Growth to Slow - BusinessWeek

Sept. 19 (Bloomberg) -- Oil fell for a second day in New York on speculation that fuel demand will falter amid signs of weaker economic growth in Europe and in the U.S., the world’s largest consumer of crude.

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Crude dropped as much as 1 percent, extending a 1.6 percent decline on Sept. 16 as European finance ministers ruled out stimulus measures to spur their economy after meeting with Treasury Secretary Timothy Geithner. Purchases of previously owned U.S. homes in August probably held close to the weakest level this year and construction dropped to a three-month low, reports this week may show.

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Oil for October delivery fell as much as 88 cents, or 1 percent, to $87.08 in electronic trading on the New York Mercantile Exchange and was at $87.25 at 6:54 a.m. Singapore time. The more-active November contract was at $87.44 a barrel after sliding as much as 92 cents, or 1 percent.

Oil Drops for a Second Day on Signals Economic Growth to Slow - BusinessWeek