Oil fell for a third day in CFDs accounts after a U.S. government report showed fuel demand declined last week and as Enbridge Energy Partners LP prepared to restart a pipeline after repairs, easing supply concerns.
Crude dropped after the Energy Department said gasoline demand tumbled 2.6 percent to 9 million barrels a day, the lowest rate since the week ended March 12.
Enbridge said it will start preparations to pump oil through a pipeline linking Canada and refineries in the U.S. Midwest early tomorrow. Manufacturing in the New York area expanded slower than forecast, signaling economic growth may falter.
Crude for October delivery fell as much as 63 cents, or 0.8 percent, to $75.39 a barrel in electronic trading on the New York Mercantile Exchange at 10:57 a.m. Singapore time. Yesterday, the contract dropped 78 cents, or 1 percent, to $76.02. Futures have declined about 5 percent this year.
Prices dropped after the Federal Reserve Bank of New York’s general economic index slumped to 4.1 this month, the lowest since July 2009, from 7.1 in August. Economists expected the reading to climb to 8, according to a Bloomberg News survey.