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Oil fell from the highest level in five months as rising bond yields in Spain and France heightened concern that Europe’s debt crisis is spreading.
Futures dropped as much as 2.5 percent as Spain’s borrowing costs surged to a euro-era record and as French bonds’ spread to Germany’s widened. Oil pared losses earlier after data showed fewer Americans than forecast filed first-time claims for unemployment insurance payments last week.
Crude for December delivery fell to $100.01 a barrel on the New York Mercantile Exchange. Prices settled at $102.59 yesterday, the highest level since May 31, after Enbridge Inc. (ENB) and Enterprise Products Partners LP (EPD) said they will reverse the direction of the Seaway pipeline, adding an outlet to transport oil from the central U.S. and Canada to the coast of the Gulf of Mexico.
Brent oil for January settlement fell $2.23, or 2 percent, to $109.54 a barrel on the London-based ICE Futures Europe exchange. Brent’s premium to West Texas Intermediate, the New York benchmark, narrowed 89 cents to $8.39, down from a record $27.88 on Oct. 14 and from $13.02 on Nov. 15.
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