Oil Drops as WTI-Brent Spread Widens to Most in Year

Crude declined in New York, widening its discount to Brent to the most in almost a year, after the World Bank said a slowdown in China will curb East Asian growth.

Prices dropped 0.6 percent as the Washington-based lender predicted expansion in Asia, excluding Japan and India, will slide to the lowest level in 11 years in 2012. The euro fell against the dollar as European finance ministers discussed the region’s debt crisis.