Oil's Decline Stretches to Third Week as `Fear Selling' Spreads - Bloomberg:
Oil tumbled for a third straight week as crumbling equity markets across the globe stoked concern about a slowdown in energy demand growth
Friday’s 0.4 percent gain New York-traded futures wasn’t enough to halt a 2.2 percent decline for the week. Eight of every 10 stocks in the S&P 500 were in retreat as a cavalcade of negative news killed investors’ appetites for risk. A closely watched tally of U.S. rig activity indicated drillers intend to step up crude output.
“Oil is dropping because of more concern about what’s happening in the stock market,” said Phil Flynn, an analyst at Price Futures Group. “The high volatility in the stock market and fear selling in other markets is spilling over into the oil complex.”
