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Oil fell before European Central Bank policy makers meet to discuss a plan involving unlimited purchases of government debt to ease the region’s debt crisis.
Futures dropped as much as 1.1 percent after two central bank officials said Germany’s Bundebank objected to the plan that involves sterilizing debt to assuage concerns about printing money. Prices initially rose on the proposal by ECB President Mario Draghi, who will announce a decision at a press conference tomorrow.
Oil also fell as euro-area services shrank more than initially estimated in August.
A gauge of euro-area service industries based on a survey of purchasing managers fell to 47.2 from 47.9 in July, London- based Markit Economics said today. That’s below an initial estimate of 47.5 published on Aug. 23. A composite index of both services and manufacturing fell to 46.3 from 46.5, also below an initial estimate.
An Energy Department report tomorrow will probably show U.S. crude supplies tumbled to a five-month low last week because of Hurricane Isaac.
Crude oil for October delivery dropped to $94.26 a barrel on the New York Mercantile Exchange. Prices rose as much as 37 cents to $95.67 earlier today. Futures have fallen 4.4 percent this year.
Brent oil for October settlement decreased 80 cents, or 0.7 percent, to $113.38 a barrel on the London-based ICE Futures Europe exchange.
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