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Oil fell to the lowest level in almost five months amid growing speculation Greece may leave the euro currency union and as Saudi Arabia’s oil minister said prices should decline further.
Futures dropped as much as 2.6 percent after Greece failed to agree on a unity government and European Union officials considered its possible exit from the euro. Saudi Arabia wants crude prices lower than they are now, Oil Minister Ali al-Naimi said yesterday in Adelaide, Australia. The kingdom is pumping at its highest rate in almost three decades, OPEC data show.
Crude for June delivery fell to $93.65, the lowest front-month intraday price since Dec. 19. on the New York Mercantile Exchange. Futures are down 14 percent from this year’s closing high of $109.77 on Feb. 24.
Brent for June settlement tumbled $1.16, or 1 percent, to $111.10 a barrel on the London-based ICE Futures Europe exchange.
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