Crude oil retreated as U.S. equities declined on concern that the recent stock-market rally has outpaced the outlook for financial company earnings. Oil dropped and stocks declined for a third day as analysts said insurance company shares had risen too far. Prices climbed as much as $1.41 a barrel earlier today when reports showed that manufacturing in the U.S. and China, the two biggest energy consuming countries, expanded in August. Crude oil for October delivery fell 46 cents, or 0.7 percent, to $69.50 a barrel at 11:21 a.m. on the New York Mercantile Exchange. Futures are up 56 percent this year. Brent crude oil for October settlement slipped 6 cents to $69.59 a barrel on the London based ICE Futures Europe exchange.....complete article
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