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Crude oil dropped in New York as the dollar climbed and equities fell, trimming the biggest monthly gain in more than two years.
Futures fell as much as 2.1 percent after Japan stepped in to foreign-exchange markets to weaken the yen against the dollar, making commodities priced in the U.S. currency less attractive to investors. Stocks retreated from a three-month high on concern European leaders will struggle to raise funds to contain the region’s debt crisis.
Crude oil for December delivery declined to $91.36 a barrel on the New York Mercantile Exchange. Futures are up 16 percent this month, the biggest gain since May 2009. Oil settled at $93.96 on Oct. 27, the highest level since Aug. 1.
Brent oil for December settlement dropped $1.10, or 1 percent, to $108.81 a barrel on the London-based ICE Futures Europe exchange.
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