Oil Drops From Two-Year High on China Interest-Rate Speculation
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Oil declined from a two-year high in New York on speculation China will raise interest rates, damping growth in the world’s biggest energy consumer.
Crude fell for the first time in three days and was set for a weekly drop. Equities slid on signs China is preparing to increase the cost of borrowing to curb inflation and the dollar traded near a six-week high against the euro as Group of 20 leaders hold an emergency meeting amid concern that Europe’s debt crisis is worsening.