Crude oil fell in New York for a seventh day, its longest losing streak since December, as declines in Asian equity markets raised concern the slowing economic expansion will erode fuel demand. Oil reversed earlier gains following a slump in the MSCI Asia-Pacific Index. China’s economy faces increasing uncertainties and the economic situation is becoming more complex, Ma Jiantang, head of the National Bureau of Statistics was quoted as saying in the bureau’s newspaper today. The country is the world’s second-largest crude consumer. “The daily volatility in oil quite big these days, so in the creeping back to mid-$70s, there may be some bumps pushing pricing down,” said Victor Shum, a senior principal at energy consultants Purvin & Gertz Inc. in Singapore. “Certainly there are economic risk factors that put downward pressure on oil.” Oil for August delivery dropped as much as 54 cents, or 0.8 percent, to $71.44 a barrel on the New York Mercantile Exchange. It was at $71.72 at 3:50 p.m. Singapore time. The contract earlier gained as much as 40 cents, or 0.6 percent, to $72.38. today. Yesterday, the contract fell 16 cents to $71.98. Prices have declined 9.1 percent in seven days. Futures tumbled nine straight days through Dec. 14. The MSCI Asia Pacific Index fell 0.7 percent to 113.06 as of 3:49 p.m. in Tokyo as slower-than-estimated expansion by U.S. service industries underscored concern global growth is faltering. Brent crude for August delivery fell as much as 57 cents, or 0.8 percent, to $70.88 a barrel on London’s ICE Futures Europe exchange. It was at $71.03 at 3:48 p.m. Singapore time. Yesterday, the contract fell 2 cents to $71.45. To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net

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