Oil Little Changed as Equity Drop Raises Fuel Demand Concerns - Bloomberg

Aug. 18 (Bloomberg) -- Crude oil was little changed, paringearlier gains, as declining Asian stock markets raised concernsamong investors that the global recession may last for longerand fuel-demand growth will slow.

Forklift Oil Tank manufacturing facility.

The MSCI Asia Pacific Index dropped 0.3 percent to 110.26as of 12:05 p.m. in Tokyo, adding to a 3.1 percent lossyesterday. U.S. crude-oil stockpiles probably climbed for afourth week because refiners have reduced operating rates, aBloomberg News survey showed ahead of tomorrow’s report. “We’re going to need to see more tangible evidence ofdemand, particularly outside of China, before we see the oilmarket move higher,” said Helen Henton , the head of commodityresearch at Standard Chartered Bank Plc in a BloombergTelevision interview in Hong Kong.

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