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Crude oil slipped from the highest level in a month after Germany said European Union leaders won’t provide a complete fix to the region’s debt crisis, damping hopes for a quick rescue plan.
Oil fell as much as 1.1 percent after climbing above $88 a barrel as Chancellor Angela Merkel said expectations that rescue plans to be announced at an Oct. 23 summit will speedily address Europe’s problems were “dreams.” Prices also weakened as data showed manufacturing in the New York region contracted in October at a faster pace than forecast.
Crude for November delivery fell 63 cents, or 0.7 percent, to $86.17 a barrel at 10:04 a.m. on the New York Mercantile Exchange. Earlier it gained as much as 1.6 percent to $88.18 a barrel, the highest since Sept. 16, on forecasts that China may say tomorrow its economy grew more than 9 percent last quarter.
Crude gained earlier on speculation China’s economy will maintain growth rates.
Gross domestic product in the nation, the world’s second- biggest consumer of crude, increased 9.3 percent in the third quarter from a year earlier, according to the estimate of economists.
Brent oil for December settlement fell $1.38, or 1.2 percent, to $110.85 a barrel on the London-based ICE Futures Europe exchange. Front-month futures rose 7.8 percent last week.
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