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Oil fluctuated as a gauge of American service-industry growth unexpectedly rose in May and as data signaled the European economic outlook is worsening.
Prices swung between gains and losses after the Institute for Supply Management’s index of non-manufacturing businesses advanced to 53.7 in May from April’s 53.5. Economists surveyed by Bloomberg forecast 53.4.
In Europe, a composite index based on a survey of purchasing managers in both service and manufacturing industries dropped to 46 from 46.7 in April, Markit said. While above an initial estimate of 45.9, the May reading is the lowest since June 2009. The indicator has remained below 50 -- indicating contraction -- for four months.
Spain called for outside support for the first time to battle the crisis as Budget Minister Cristobal Montoro said European institutions should help shore up the nation’s lenders.
Crude for July delivery traded in range of $83,31 - $84,92 a barrel on the New York Mercantile Exchange. Prices have fallen 15 percent this year.
Brent oil for July settlement fell 18 cents to $98.67 a barrel on the London-based ICE Futures Europe exchange.
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