Economics
Oil Drops From 1-Week High in New York on Europe Debt Woe
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Oil fell from the highest price in almost a week as concern that European debt-crisis talks will falter and threaten the economic recovery outweighed speculation tension in the Middle East will disrupt crude supplies.
New York futures slid as much as 1.2 percent after Chancellor Angela Merkel and President Francois Hollande clashed over the weekend on a timetable for starting joint oversight of the Europe’s banking sector. Iran will defend itself if attacked by Israel, according to excerpts of a CNN interview with Iranian President Mahmoud Ahmadinejad scheduled for broadcast today.