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Oil fell for the first time in eight days on concern that European governments aren’t doing enough to contain the worsening debt crisis, raising worries that demand will slip.
Prices dropped from a two-month high as Spain’s cost of borrowing rose to a record after euro-area finance ministers gave final approval to a bank bailout for the country. The dollar strengthened to a two-year high against the euro and U.S. equities slid for the first time in four days.
Crude for August delivery fell to $90.66 a barrel on the New York Mercantile Exchange. Oil closed at the highest level since May 16 yesterday, capping a seven-day gaining streak that’s the longest since Feb. 24. Prices are down 7.7 percent this year.
Brent oil for September slid $1.43, or 1.3 percent, to $106.37 a barrel on the London-based ICE Futures Europe exchange.
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