Oil Falls for Second Day on Doubts Over Pace of Demand Recovery

Crude oil fell for a second day as higher U.S. fuel stockpiles raised concern gains in prices may have outpaced the recovery in the global economy. Oil slipped to its lowest in nearly a week before a report tomorrow in the U.S., the world’s largest energy consumer, which may show retail spending barely changed in August if gasoline and autos were excluded. The country’s stockpiles of distillate have climbed to their highest levels since 1983, according to Energy Department data last week. “Crude oil is just following weak fundamentals,” said Ken Hasegawa, a commodity derivative sales manager at broker Newedge in Tokyo. “If the price goes down below $68, then it’s possible to go down to $66”.....Read the entire story