Oil Declines For Fifth Day on Italy Political Turmoil
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Oil declined for a fifth day in New York on concern a leadership change in Italy will disrupt efforts to curb Europe’s debt crisis.
Prices fell to a three-week low as Italian Prime Minister Mario Monti said he will resign, while his predecessor, Silvio Berlusconi, announced he will run for the premiership to roll back Monti’s budget tightening. Crude also slid as heating oil dropped to a four-month low on warmer-than-average weather as New York reached a high of 61 degrees Fahrenheit (16 Celsius).