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Oil fell from its highest level in more than two weeks in New York after European Central Bank President Jean-Claude Trichet said the region’s debt crisis threatens the financial system.
Futures dropped for the first time in five days as the euro weakened and equities declined after Trichet’s comments and before a government vote in Slovakia on the euro area’s bailout fund. OPEC cut its global oil demand forecast for this year on a weakening economic outlook in industrialized nations. The Organization of Petroleum Exporting Countries reduced its demand estimate for a third month on threats to the world economy. It predicts oil demand will grow 880,000 barrels a day this year, revised down from 1.06 million barrels a day in a report last month. An Energy Department report Oct. 13 may show U.S. crude supplies rose 775,000 barrels last week, according to the analyst estimates. The department is releasing the data a day later than usual because of yesterday’s Columbus Day holiday.
Crude for November delivery fell 56 cents, or 0.7 percent, to $84.85 a barrel at 10:17 a.m. on the New York Mercantile Exchange. Earlier, it touched $83.97. Prices are down 7.1 percent this year. Futures settled at $85.41 a barrel yesterday, the highest level since Sept. 21.
Brent oil for November settlement declined 26 cents to $108.69 on the London-based ICE Futures Europe exchange.
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