Oil Slips as Service Slowdown Adds to Warning Signs on Economy - Bloomberg:
Oil prices headed lower for a second straight day as service-sector orders fed worries about the economy and traders anticipated another report of booming U.S. crude supplies.
Futures in New York fell as much as 1.7 percent on Tuesday, in a volatile session that ricocheted between gains and losses. A gauge of demand for American service industries dropped to a one-year low in January, following up on Monday data that showed an unexpected drop in industrial activity. Analysts, meanwhile, say oil stockpiles are likely to rise for a third week in government figures due Wednesday.
That countered word that Russia curbed output by 47,000 barrels a day last month from its October levels, as it seeks to implement cuts pledged by top exporters to boost the market. Saudi Arabia was said to nudge up prices for its heavier grades as well. The uncertain outcome of the leadership struggle in oil-rich Venezuela also hung over the market.
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