Crude Oil Drops From 30-Month High as IMF Cuts Growth Forecasts

Oil fell from a 30-month high after the International Monetary Fund cut its growth forecasts for the U.S. and Japan, indicating high crude prices pose a risk to global economic expansion.

Futures tumbled the most in almost four weeks as the IMF said in its World Economic Outlook that the U.S. economy will expand at a slower pace than in 2010 amid an unemployment rate above 8 percent and a drop in consumer confidence. Oil also fell as the African Union tried to negotiate a cease-fire in Libya.