Oil fluctuated in New York, failing to extend yesterday’s gain, as speculation U.S. supplies rose last week countered concern Iran will respond to a European ban on its crude exports by shutting the Strait of Hormuz.
Crude for March delivery was little changed at $99.61 a barrel in electronic trading on the New York Mercantile Exchange at 12:37 p.m. in Sydney. The contract earlier rose as much as 40 cents to $99.98. Futures yesterday rose $1.25 to $99.58, the highest since Jan. 19.
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