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Oil fell for a second day after U.S. orders for durable goods dropped in January by the most in three years, signaling slower economic growth and lower fuel demand.
Futures declined as much as 0.9 percent in New York as data from the Commerce Department showed bookings for goods meant to last at least three years slumped 4 percent. An Energy Department report tomorrow will show U.S. crude supplies rose to the highest level in five months last week, according to the median of analyst responses in a Bloomberg News survey. Durable goods orders were projected to decline 1 percent, according to the median forecast of 80 economists.
Crude oil for April delivery fell to $107.62 a barrel on the New York Mercantile Exchange. The contract yesterday slid 1.1 percent to $108.56, ending the longest upward move since January 2010. Prices are up 11 percent in the past year.
Brent oil for April settlement dropped $1.40, or 1.1 percent, to $122.77 a barrel on the London-based ICE Futures Europe exchange.
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