Oil Falls a Second Day as Supply Increase Signals Slow Demand - Bloomberg

By Ben Sharples Oct. 29 (Bloomberg) -- Oil fell for a second day in NewYork after an increase in U.S. crude and gasoline inventoriesraised concern fuel demand has yet to recover.

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Crude oil declined the most in a month yesterday as anEnergy Department report showed U.S. gasoline stockpilesclimbing 1.62 million barrels last week, the Energy Departmentsaid. A 1 million-barrel drop was forecast, according to aBloomberg News survey. Prices also dropped as the dollar gainedagainst the euro. “The inventories report had a bearish tilt to it and it’snot surprising to see oil lose some ground,” said Toby Hassall ,a research analyst at CWA Global Markets Pty in Sydney.“Gasoline inventories were greater than expected and fueldemand posted a week-on-week decline.” Crude oil for December delivery fell as much as 43 cents,or 0.6 percent, to $77.03 a barrel, and traded at $77.23 at 9:51a.m. Singapore time on the New York Mercantile Exchange.Yesterday, the contract dropped $2.09, or 2.6 percent, to$77.46, the lowest settlement since Oct. 14. Prices have gained73 percent this year.

Full Story: Oil Falls a Second Day as Supply Increase Signals Slow Demand - Bloomberg