Oil declined more than $3 in less than a minute as October options were about to expire, ending the day with the largest drop in eight weeks.
U.S. crude supplies probably rose a second week as imports increased and refineries operated at the lowest rate since November, a Bloomberg News survey showed.
Crude oil jumped to the highest level in four weeks as equities surged after economic reports from China, Japan and Australia indicated that the global recovery is strengthening.
Crude oil fell, capping the worst month since December 2008, after a decision by Fitch Ratings to strip Spain of its AAA credit grade pushed the euro lower.
Oil rose, capping an unprecedented eighth straight month of gains, as better-than-expected consumer spending signaled fuel demand may climb.
Crude oil rose after a government report showed that U.S. gasoline inventories declined as fuel consumption surged to a 16-month high.
U.S. natural-gas stockpiles expanded by 0.8 percent last week, less than the five-year average, adding to record levels after warm weather reduced demand, according to analyst estimates compiled by Bloomberg.
Oil options volatility was little- changed as the underlying futures rose amid speculation that euro-area leaders will do more to fight the debt crisis.
Crude oil rose for the first time in three days on hopes that European leaders will reach a deal to contain the region’s debt crisis.
U.S. oil inventories probably fell to a one-month low last week as imports tumbled, a Bloomberg News survey showed.
"Today's price action appeared to highlight an unusually nervous market environment in which the oil complex has become heavily reliant upon intangible forces such as economic stimulus measures and Middle East tensions for sustainable price strength."
- Jim Ritterbusch on Sep 17, 2012