Oil prices dip for second day on larger than expected increase in US gasoline stockpiles

Oil prices fell for the second consecutive day on report of a larger-than-expected increase in US gasoline stockpiles. The American Petroleum Institute reported that US crude stockpiles decreased 7.34 mln barrels to 349.3 mln last week. The rise in inventory has fuelled concerns about demand conditions in US, pulling down prices from 26 month highs. Crude oil for January delivery fell by over a dollar to US$87.62 on the Nymex. The dollar rose for the second day, boosted by a jump in US bond yields after President Barack Obama proposed to extend Bush-era tax cuts, reducing the appetite for commodities. OPEC is unlikely to raise production quotas at its Dec 11 meeting this week in Ecuador.
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