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Oil fluctuated in New York after the International Energy Agency cut its 2012 global oil demand forecast and the euro advanced on speculation that European Union proposals on bank recapitalization will boost growth.
Futures swung between gains and losses after the Paris- based IEA reduced estimates for world demand in 2012 by 210,000 barrels a day and said Libya would pump about 600,000 barrels a day by year’s end. The euro rose to a three-week high before a presentation on recapitalization
Oil for November delivery fell 3 cents to $85.78 a barrel at 9:37 a.m. on the New York Mercantile Exchange. Prices have risen 13 percent since Oct. 4. Futures are down 6.1 percent in 2011.
Brent oil for November settlement rose $1.45, or 1.3 percent, to $112.18 on the London-based ICE Futures Europe exchange.
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