Oil Extends Decline After Disappointing German Bond Auction, U.S. Orders - Bloomberg

Oil traded near a two-week low in New York after a German bond auction fell short of expectations, stoking speculation Europe ’s worsening debt crisis will threaten the region’s economy.

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Futures were little changed after dropping 1.9 percent yesterday. Germany , Europe’s biggest economy, failed to find buyers for 35 percent of bonds at an auction. U.S. orders for goods meant to last at least three years declined for a second month in October, according to a Commerce Department report. Oil traded near its 200-day moving average around $95 a barrel.

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Crude for January delivery was at $96.23 a barrel in electronic trading on the New York Mercantile Exchange , up 6 cents, at 11:23 a.m. Singapore time. Yesterday, the contract slid $1.84 to $96.17, the lowest settlement since Nov. 9. Prices have gained 5.3 percent this year after rising 15 percent in 2010.

Oil Extends Decline After Disappointing German Bond Auction, U.S. Orders - Bloomberg