Oil Drops a Second Day on Rising Inventories, Pipeline Repairs

Oil fell for a second day as traders bet U.S. crude inventories dropped less than initially forecast and Enbridge Energy Partners LP got permission to restart a ruptured pipeline supplying the U.S. Midwest.

Crude inventories are at their highest level for this time of year in a decade, according to data yesterday from the American Petroleum Institute. The Energy Department is forecast to report an inventory decline later today. OPEC doesn’t plan to change output quotas at its next meeting amid the recovery of world oil demand, the group’s president said.