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Oil fell from a three-month high as the Group of 20 nations failed to agree on boosting the resources of the International Monetary Fund to fight Europe’s debt crisis and as U.S. payrolls rose less than expected.
Oil declined as much as 1.2 percent after German Chancellor Angela Merkel said governments are awaiting further details of Europe’s week-old rescue package before they commit cash. Nonfarm payrolls increased 80,000 in October according to a Labor Department report, less than the 95,000 median estimate by economists surveyed by Bloomberg News.
Crude oil for December delivery fell to $92.87 a barrel on the New York Mercantile Exchange. Earlier, futures touched $94.93, the highest intraday price since Aug. 2. Prices have risen 1.9 percent this year.
Brent oil for December settlement slipped 26 cents to $110.57 a barrel on the London-based ICE Futures Europe exchange.
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