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Oil fell for the first time in eight days after the Group of 20 nations rebuffed calls from euro countries to increase international lending resources, adding to concern that Europe’s debt crisis will slow the economy.
Prices dropped as much as 1.4 percent as the G-20 said Europe needs to review its financial firewall before any consideration can be given to boosting the International Monetary Fund’s resources. IMF Managing Director Christine Lagarde warned the world economy is “not out of the danger zone” amid fragile financial systems and rising oil prices.
The G-20 rebuffed German-led calls to help Europe fight its debt crisis, saying any decision on outside aid hinges on the euro area delivering more financial firepower within two months. The group is “alert to the risks of higher oil prices,” it said in a statement yesterday after a meeting in Mexico City.
Lagarde said that G-20 countries “must now strengthen resilience to further shocks that could result from still fragile financial systems, high public and private debt, and higher world oil prices.”
Oil for April delivery fell to $108.24 a barrel on the New York Mercantile Exchange. The contract settled at a nine-month high on Feb. 24. Prices have increased 10 percent this year. Brent oil for April settlement declined $1.36, or 1.1 percent, to $124.11 on the London-based ICE Futures Europe exchange.
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