Oil Declines on German Bond Sale, U.S. Durable-Goods Orders

Bloomberg reported that oil dropped after demand for German bonds missed expectations and U.S. durable-goods orders declined.

As quoted in the market news:

A record 204 rigs were drilling in western North Dakota in the past week, nearly all aiming for the rich Bakken and Three Forks formations.Futures fell 1.9 percent after Germany failed to find buyers for 35 percent of bonds at an auction. Orders for goods meant to last at least three years fell in October, the second straight decline.

Click here to read the full Bloomberg report.