Oil pares biggest drop in five months as stockpiles seen falling.

The CBOE Crude Oil Volatility Index, which measures oil price fluctuations using options of the U.S. Oil Fund, jumped 2.8 percent to 41.13, the highest level since April on a closing basis. "Greece, Iran, an unexpected U.S. crude stock build, and China", said Mike Wittner, head of oil market research at Societe Generale SA in New York. [Extracted from the article]