Oil Falls for Second Day as Equities Drop and Supplies Increase

Oct. 13, 2011 05:37PM PST

Bloomberg reported that oil inched down as U.S. equities declined on a decrease in JPMorgan Chase & Co.’s earnings and crude supplies increased more than forecast.

As quoted in the market news:

Oil stockpiles rose 0.4 percent and gasoline inventories unexpectedly tumbled as the refinery utilization rate fell the most in a single week since February.
“The crude market is really tracking the S&P 500 and the dollar right now, and I don’t think it’s trading independently of anything,” said Todd Horwitz, chief strategist at Adam Mesh Trading Group in New York. “The crude number was a bearish one today.”

Click here to read the full Bloomberg report