SINGAPORE: Oil fell for a second day in New York and headed for the lowest close in three months after refiners reduced operations on the U.S. East Coast because of Hurricane Sandy.
Futures slid as much as 0.5 percent after dropping 0.9 percent yesterday. Phillips 66, Hess Corp., NuStar Energy LP and PBF Energy Inc. shut or lowered output before Sandy made landfall. The storm, the largest in the Atlantic on record, has since been downgraded to a post-tropical cyclone by the National Hurricane Center. Gasoline declined from the highest level in almost two weeks.