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Crude oil fluctuated amid concern that European Union leaders won’t reach an agreement at a summit this weekend on strengthening the region’s rescue fund and on an unexpected expansion in Philadelphia manufacturing.
Futures were little changed after the newspaper Die Welt reported that Germany doesn’t rule out postponing the EU summit planned for Oct. 23. The delay would occur because of stalled negotiations about the so-called leveraging of the European Financial Stability Facility, the newspaper reported, citing unidentified people close to the country’s governing coalition. The Federal Reserve Bank of Philadelphia’s general economic index increased to 8.7 from minus 17.5 last month, the biggest one-month rebound in 31 years.
Crude oil for November delivery traded at $86.11 a barrel on the New York Mercantile Exchange.
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