Crude Oil Falls a Second Day on IEA Outlook, Recovery Concerns

Crude oil fell for a second day as a demand outlook from the International Energy Agency coupled with data from the U.S. and China reinforced concerns that the recovery is faltering.

The IEA, an adviser to the Organization for Economic Cooperation and Development, raised its 2011 demand forecast by 50,000 barrels a day while noting “significant downside risks” to consumption. Oil slipped after China’s industrial output grew the least in 11 months and U.S. data showed worker productivity dropped in the second quarter. The Energy Department will release its weekly report today.