Oil Pares Gains as Stock Market Declines Raise Demand Concern

May 18 (Bloomberg) -- Crude oil pared gains, trading littlechanged in New York, as Asian stock markets declined on concernthe global economy may not recover anytime soon.

Equities in Japan, the world’s third-biggest oil user, felltoday after Panasonic Corp. forecast a second year of losses ona drop in demand for its consumer electronics. Tokyo ElectricPower Co., Asia’s biggest utility, said today that it burnedabout 70 percent less crude oil from a year earlier as therecession limited manufacturers’ electricity usage.

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