Oil Drops a Second Day on Europe Outlook; Brent Premium Widens
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Oil dropped a second day as splits between Germany and France threatened to derail European rescue measures, undermining the outlook for fuel consumption.
December futures fell as much as 1.1 percent, extending yesterday’s 2.5 percent slump. U.S. fuel use declined 2.2 percent to the lowest since May last week while crude stockpiles shrank, the Energy Department said yesterday. Divisions emerged over Europe’s rescue strategy as finance ministers prepared to meet this weekend. The Federal Reserve said yesterday that U.S. companies reported more doubt about the strength of the recovery.