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Oil fell in
Intermediate oil dropped as much as 1 percent as the euro slumped for a second
day against the dollar. The European Union accounted for 16 percent of global
oil use in 2011, according to BP Plc’s Statistical Review of World Energy. WTI’s
discount to Brent oil in
ECB policy makers are concerned that an advance in the euro, which gained 2.5 percent this year through yesterday, could damp inflation. They “want to see if the appreciation is sustained,” Draghi said.
WTI oil for March delivery slid to $95.67 a barrel on the New York Mercantile Exchange. Volume was 72 percent above the 100-day average.
Brent for March settlement climbed 32 cents, or 0.3 percent, to $117.05 a barrel on the ICE Futures Europe exchange. Volume was 41 percent above the 100-day average.
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