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Oil fell in New York, heading for the biggest quarterly drop since 2008, on concern that Europe’s debt crisis will linger and on increases in U.S. crude and fuel stockpiles.
Futures dropped as much as 2.1 percent as German Chancellor Angela Merkel signaled policy makers may review Greece’s second bailout after inspectors rule on whether the country is meeting the terms of its current package. U.S. crude oil supplies climbed 1.92 million barrels to 341 million last week, the Energy Department said today.
Crude oil for November delivery declined $1.16, or 1.4 percent, to $83.29 a barrel at 11:09 a.m. on the New York Mercantile Exchange. Prices climbed 5.3 percent yesterday, the biggest gain since May 9. Now the contract traded at $83.21 a barrel.
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