Oil Falls a Sixth Day on Economy; Brent Premium Narrows

Oil fell for a sixth day in New York, heading for its third weekly decline, on concern demand will falter as Europe’s debt crisis worsens and the U.S. economy slows. Brent crude was at the narrowest premium to West Texas Intermediate in two weeks after a pipeline was reversed.

Futures slid as much as 1 percent after closing at the lowest price in more than six months yesterday. Greece was downgraded by Fitch Ratings, while Moody’s Investors Service cut 16 Spanish banks and manufacturing in the Philadelphia region unexpectedly shrank in May. Enbridge Inc. and Enterprise Products Partners LP reversed the Seaway pipeline to alleviate a glut in the U.S. Midwest.