Oil Drops a Second Day on Europe Debt Concern After Reaching $90

Dec. 8 (Bloomberg) -- Oil declined for a second day as concern Europe’s debt crisis will spread drove speculation fuel demand will drop and an industry report showed U.S. gasoline supplies surged the most since January. Futures extendednfl jerseys cheap yesterday’s 0.8 percent slide, as traders secured profits from crude’s rally to $90.76 a barrel, the highest in 26 months. European ministers ruled out immediate aid for Portugal and Spain or an increase in the 750 billion-euro ($1 trillion) crisis fund. The American Petroleum Institute said gasoline stockpiles increased 4.8 million barrels last week. “The market continues to worry over Europe’s ability to prevent debt issues from spreading,” Mark Pervan, head of commodity research at Australia & New Zealand Banking Group Ltd. in Melbourne, said in a note today. “Crude prices lost momentum, potentially as cautious long investors took profits due to uncertainty in the market.” Crude for JanuaryDenver Broncos Jersey delivery lost as much as 50 cents, or 0.6 percent, to $88.19 a barrel, in electronic trading on the New York Mercantile Exchange, and was at $88.23 at 11:41 a.m. in Sydney. Yesterday, the contract closed down 0.8 percent at $88.69 after rising to $90.76, the highest since Oct. 8, 2008. Europe’s economic situation is serious and its institutions must act more quickly to stem contagion from the sovereign debt crisis, International Monetary Fund Managing Director Dominique Strauss-Kahn told a briefing in Athens yesterday. Brent crude forDetroit Lions Jersey January settlement dropped 6 cents to end the session at $91.39 a barrel on the London-based ICE Futures Europe exchange yesterday. Crude Supplies U.S. crude stockpilesBarry Sander jersey decreased 7.34 million barrels to 349.3 million last week, the American Petroleum Institute said. An Energy Department report today will probably show they slid 1.4 million barrels, according to the median of 16 analyst estimates in a Bloomberg News survey. Supplies of distillates, which include heating oil and diesel, advanced 1.7 million barrels to 159.3 million, the API said. The Energy Department report will probably show they declined 900,000 barrels, according to the Bloomberg News survey. The Energy DepartmentSteve Smith Jersey report will probably show gasoline inventories slipped 300,000 barrels. “Investors will be closely watching U.S. oil inventory reports for evidence of improved demand,” Pervan said. The API collectsJonathan Stewart Jersey stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the Energy Department for its weekly survey.