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Oil fell below $90 a barrel for the first time since November after a government report showed that U.S. crude supplies rose to a 22-year high and as European leaders gather to discuss the euro region’s debt troubles.
Futures fell as much as 2.2 percent as stockpiles climbed 883,000 barrels to 382.5 million barrels last week, the most since August 1990. The European summit is the 18th since Greece was shaken by debt and the first since an anti-austerity campaign carried Francois Hollande to France’s presidency. The euro sank to the lowest level in almost two years.
German Chancellor Angela Merkel is facing calls for measures she opposes, including euro bonds, the use of European money to recapitalize banks, a bigger rescue fund and extra time for debt-swamped countries to cut spending.
Crude oil for July delivery fell to $89.55 a barrel, the lowest level since Nov. 1, on the New York Mercantile Exchange.
Brent oil for July settlement fell $2.63, or 2.4 percent, to $105.78 a barrel on the London-based ICE Futures Europe exchange. The European-benchmark contract touched $105.70, the lowest level since Dec. 20.
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