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Oil fluctuated in New York amid speculation that central banks will take steps to bolster global economic growth.
Futures climbed as much as 1.1 percent and dropped 0.3 percent as policy makers from the U.K. to Japan and Canada stepped up warnings about the threat to world financial markets should Europe fail to contain its debt crisis. Greek elections June 17 may determine whether the country remains in the euro bloc. The Federal Reserve starts a two-day meeting June 19.
Bank of England Governor Mervyn King said late yesterday that the case for more stimulus in the U.K. “is growing.”
Greeks will vote for the second time in six weeks after a May 6 ballot failed to yield a government. The constitution permits a third election, too. The final polls, published on June 1, showed no party set to win a majority. Exit polls will be released when voting ends at 7 p.m. June 17 in Athens, with a first official result estimate due around 9:30 p.m.
Crude for July delivery rose to $84.80 a barrel on the New York Mercantile Exchange. Prices are down 0.1 percent this week and 15 percent this year.
Brent oil for August settlement gained 64 cents, or 0.7 percent, to $97.81 a barrel on the London-based ICE Futures Europe exchange.
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