Oil decreases for second day on decline in U.S. equities, Euro

By Moming Zhou
Bloomberg News

NEW YORK - Oil fell for a second day as equities declined and the euro retreated against the dollar.

Crude for November delivery dropped 17 cents to $91.93 a barrel at 10:42 a.m. on the New York Mercantile Exchange. Earlier, prices touched $93.05, the highest level since Oct. 10. Futures are down 7 percent this year. They have risen 7 cents this week.

Brent for December settlement decreased 12 cents to $112.30 a barrel on the London-based ICE Futures Europe exchange.

The Standard & Poor’s 500 Index fell as much as 0.7 percent and the Dow Jones Industrial Average tumbled as much as 0.9 percent.

The euro slipped 0.3 percent. A weaker euro and stronger dollar reduce oil’s appeal as an investment alternative.