Oil Erases Gains on Renewed Concern Debt Crisis May Damp Demand
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Oil erased gains as falling share prices among European banks renewed concern that the region’s debt crisis may hinder economic growth and fuel demand.
Hedge funds cut bullish bets on oil by the most in almost three months, according to the U.S. Commodity Futures Trading Commission’s weekly report Nov. 19. Moody’s Investors Service said it may downgrade Ireland’s credit rating by several levels after the nation requested a bailout from the European Union and the International Monetary Fund.