Oil Declines for Second Day as Storm Approaches Gulf

Oil fell for a second day amid concern of slowing economic growth in the U.S. and speculation that European leaders aren’t making progress on resolving the region’s debt crisis.

Futures slid as much as 0.9 percent earlier today. German Chancellor Angela Merkel said she and French President Francois Hollande will maintain the pressure on Greece to overhaul its economy at meetings with Prime Minister Antonis Samaras in Berlin today and tomorrow. Demand for U.S. capital goods such as machinery and communications gear dropped in July by the most in eight months, indicating companies are pulling back on investment.