Oil Declines a Third Day as Greek Referendum Raises Default Risk
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Oil fell for a third day amid concern that Europe’s plan to bail out Greece will unravel if the country conducts a referendum.
Futures dropped 1.1 percent after Prime Minister George Papandreou’s pledge to call a vote on its five-day-old bailout sent equities and the euro lower. Crude climbed 6.8 percent last week, the biggest gain since February, on the European package. Oil also slipped as China’s Purchasing Managers’ Index fell for the first time in three months in October.