Oil falls as US stockpiles gain, global crisis curbs demand

Crude oil fell for the second day as US crude and gasoline inventories increased more than forecast and the global economic crisis curbed demand.
Crude oil for November delivery fell by 1.63 dollar, or 1.8 per cent, to 87.32 dollar a barrel on the New York Mercantile Exchange. Futures have fallen 40 per cent from a record 147.27 dollar a barrel on July 11.
Brent crude oil for November settlement declined as much as 1.46 dollar, or 1.7 per cent, to 82.90 dollar a barrel on London’s ICE Futures Europe exchange.
Oil supplies rose 8.12 million barrels to 302.6 million barrels in the week ended October 3, as imports and output resumed after halting last month for hurricanes, the Energy Department said.
The agency on October 7 cut its 2008 oil demand forecast by 340,000 barrels to 86.14 million barrels a day.