Oil Declines a Third Day on Debt Crisis, Rising Crude Supplies

Bloomberg reported that oil declined a third day as investors think that Europe’s debt crisis will likely slowdown the economy and curb fuel demand.

The press release is quoted as saying:

European governments signaled investors may have to take bigger losses on Greek debt in a second aid package for the nation. U.S. crude inventories climbed for a second week, an Energy Department report tomorrow may show. Libya aims to raise production to more than 500,000 barrels a day by the end of this month.

Chief market strategist at CMC Markets Asia Pacific Pty Ltd. , said Michael McCarthy said:

“We are seeing continuing pressure across the commodities complex from these concerns about the global growth prospect,”

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