Oil declined after talks to form a Greek government failed, setting in motion new elections next month, and sending the euro to a four-month low.
Futures dropped as much as 0.9 percent as Pasok party leader Evangelos Venizelos said Greeks are headed back to the polls. The euro fell against the dollar after the announcement. A weaker European currency reduces the appeal of dollar- denominated raw materials as an investment. Oil advanced earlier after manufacturing in the New York region expanded.
Oil in New York advanced as much as 0.7 percent earlier after the Federal Reserve Bank of New York’s general economic index increased in May. Confidence among U.S. homebuilders jumped to a five-year high.
Brent oil climbed after economic growth in Germany, Europe’s largest economy, beat economists’ projections. German gross domestic product rose 0.5 percent in the first quarter, the Federal Statistic Office said in Wiesbaden today. Economists predicted a 0.1 percent gain.
An Energy Department report tomorrow will probably show that U.S. crude stockpiles advanced 1.5 million barrels to 381 million in the last week, according to the median of 10 analyst estimates in a Bloomberg survey. That would be the highest level since August 1990.
Crude oil for June delivery traded at range of $93,91 - $95,48 a barrel on the New York Mercantile Exchange. Brent oil for June settlement gained 33 cents, or 0.3 percent, to $111.90 a barrel on the London-based ICE Futures Europe exchange.
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