Oil Declines a Second Day on Economic Outlook for Europe, Asia

Oil fell for a second day in New York before a meeting of European officials amid speculation the region’s debt crisis and an economic slowdown in Asia will curb fuel demand.

Futures slid as much as 1.3 percent after capping a third weekly decline on Oct. 5, the longest run of losses since June. Finance ministers meet in Luxembourg today to discuss Spain’s overhaul effort and closer banking cooperation. Speculators cut bullish bets on oil in the week ended Oct. 2, a report showed. Economic growth in developing East Asia, including China, will be the slowest since 2001, according to the World Bank.