Nov. 13 (Bloomberg) -- Crude oil was little changed in New York, erasing earlier gains as European equity markets fell, reinforcing concerns about the global economic recovery.

Stock markets in the U.K., Germany and France traded lower, after rising in early trade. Oil fell as much as 3.5 percent yesterday after a U.S. government report showed rising stockpiles of crude oil and products.

“At the moment we’re watching equities,” Sam Tazi, a trader at CMC Markets in London, said by phone. “We had a very big move yesterday. The sell-off was understandable.”

Oil for December delivery traded at $76.89 a barrel, down 5 cents on the New York Mercantile Exchange as of 1:36 p.m. London time. The contract earlier rose as much as 1 percent.

Brent crude for December settlement was at $76.03 a barrel, up 1 cent, at 1:39 p.m. on the London-based ICE Futures Europe exchange.

To contact the reporters on this story: Rachel Graham in London rgraham13@bloomberg.net

Last Updated: November 13, 2009 08:41 EST