Oil Falls a Second Day After London Attack, U.S. Supply Gain

Crude oil fell for a second day after the attack in London yesterday raised concern terrorism will deter travel, slowing jet-fuel sales, and after a report showed U.S. supplies distillate rose more than expected.

Prices in New York fell from a record $62.10 yesterday, in the biggest price swing in 14 years, to close down 0.9 percent after bombings in London killed at least 37 and injured 700. U.S. supplies of distillates, which include heating oil and diesel, rose for the seventh week, the Energy Department said.

“The bombings may have an impact on the U.K. and European economies, which would limit demand.” said Doug Leggate, senior oil analyst at Citigroup Inc. in New York.
Bloomberg