Oil Falls From Seven Week High on Concern Recent Gains Overdone

Crude oil fell from a seven week high on speculation that gains of 13 percent in the past three days weren’t supported by an improvement in demand. Crude stockpiles in the U.S., the world’s biggest energy consumer, probably increased for a second week, according to a Bloomberg News survey before tomorrow’s Energy Department report. Oil futures declined as equity indexes slipped in Europe, where the Stoxx 600 dropped 0.9 percent. “The actual situation in the oil market doesn’t justify levels about $70,” said Hannes Loacker.....Complete Story