Oil Drops From 1-Week High in New York on Europe Debt Woe
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Oil dropped from the highest close in almost a week as renewed discord among European leaders on measures to stem the region’s debt crisis outweighed concern that tensions in the Middle East may disrupt crude supplies.
New York futures fell as much as 1.7 percent after German Chancellor Angela Merkel and French President Francois Hollande disagreed over closer integration of Europe’s banking system at the weekend. Iran, OPEC’s third-largest oil producer, will defend itself if attacked by Israel, according to excerpts of a CNN interview with Iranian President Mahmoud Ahmadinejad scheduled for broadcast today.