Oil Falls for Fifth Day on Signs of Weakening U.S. Fuel Demand

By Christian Schmollinger

Dec. 4 (Bloomberg) -- Crude oil fell for a fifth day on signs that U.S. fuel demand has continued to decline from last year amid the longest economic contraction since World War II.

Crude oil for January delivery dropped as much as 25 cents, or 0.5 percent, to $46.54 a barrel. It was at $46.63 at 9:20 a.m. Singapore time on the New York Mercantile Exchange. Futures have tumbled 68 percent since reaching a record $147.27 on July 11. Yesterday, crude fell 17 cents, or 0.4 percent, to $46.79 a barrel, the lowest settlement since Feb. 9, 2005.

To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net.