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Oil fluctuated in New York on projections that U.S. crude stockpiles climbed for a second week and as two German lawmakers said the country is open to Spain seeking a precautionary credit line.
Futures dropped as much as 0.6 percent before a report tomorrow that may show U.S. supplies rose as output surged. Officials in Chancellor Angela Merkel’s Christian Democratic coalition indicated a rolling back of German resistance to a full Spanish bailout.
An Energy Department report will show that U.S. crude oil inventories rose 1.5 million barrels last week, according to the median of analyst.
Germany is signaling more willingness to cooperate with its European Union partners on measures to staunch the debt crisis before EU leaders meet in Brussels on Oct. 18-19.
Crude oil for November delivery traded between $91.30 and $92.32 on the New York Mercantile Exchange.
Brent oil for November settlement dropped $1.20, or 1 percent, to $114.60 a barrel on the London-based ICE Futures Europe exchange. Brent decreased more than WTI as the restart of the Buzzard oil field in the North Sea was delayed and loadings were rescheduled.
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