Oil Falls From Three-Week High as Greece Counters U.S. Economy

Oil fell from the highest level in three weeks, paring a weekly advance, as concern that Europe’s debt crisis will worsen and global commodity demand is weakening countered signs of recovery in the U.S. economy.

West Texas Intermediate futures declined as much as 1.6 percent, snapping the longest run of gains since December. Greece won’t get financial aid until it implements an austerity plan, Luxembourg Prime Minister Jean-Claude Juncker said yesterday. The International Energy Agency reduced its 2012 global oil demand forecast for a sixth month, citing a “darkening” economic outlook, and China’s exports fell for the first time in more than two years. Initial U.S. jobless claims slid by 15,000 last week, the Labor Department said yesterday.