Oil Falls Below $66 on Concern Fuel-Demand Recovery May Stall - Bloomberg

By Yee Kai Pin Sept. 28 (Bloomberg) -- Crude oil slipped below $66 abarrel in New York as declines in Asian equities raised concerna recovery in fuel demand may stall.

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Oil fell as Asian stocks traded lower on disappointing U.S.macroeconomic data and as the yen climbed to an eight-month high.Prices earlier rose after Iran, the world’s fourth-largest oilproducer, conducted missile tests days before meeting withWestern officials over a previously secret nuclear facility,raising concern tensions may put supplies at risk. “Sentiment in the equity market is having some spillovereffect on the oil market,” said David Moore , commoditystrategist at Commonwealth Bank of Australia Ltd. in Sydney.“The equity and oil markets are being driven by similarinfluences related to the macroeconomic outlook.” Crude oil for November delivery fell as much as 52 cents,or 0.8 percent, to $65.50 a barrel in electronic trading on theNew York Mercantile Exchange. It was at $65.57 at 12:32 p.m. inSingapore. Futures have gained 47 percent this year.

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