Oil Falls on Concern Demand to Drop More Rapidly Than Supply

Jan. 12 (Bloomberg) -- Crude oil fell for a fifth day in New York, extending last week’s 12 percent drop, on concern production cuts by the Organization of Petroleum Exporting Countries will fail to counter a slump in demand.

Deutsche Bank AG on Jan. 10 predicted oil consumption will fall by 1 million barrels a day this year. U.S. supplies have climbed in 13 of the past 15 weeks as the economy slows, according to the Energy Department. OPEC members Saudi Arabia, Iran, Qatar, Venezuela and Kuwait signaled last week that they would be cutting their sales to refiners in February. More...

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