Oil Falls Near Five-Month Low on Greece, Saudi Price Call
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Oil fell to the lowest level in almost five months amid growing speculation that Greece may leave the euro currency union and as Saudi Arabia’s oil minister said prices should decline further.
Futures dropped 1.4 percent after Greece failed to agree on a unity government and European Union officials considered the country’s possible exit from the euro. Saudi Arabia wants crude prices lower than they are now, Oil Minister Ali al-Naimi said yesterday in Adelaide, Australia. The kingdom is pumping at its highest rate in almost three decades, OPEC data show.