Oil Falls to Two-Week Low as European Debt Woes May Curb Demand
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Crude oil tumbled to a two-week low on speculation Europe’s deepening debt crisis and steps to cool Asia’s economic growth will reduce demand.
Oil slid 3 percent as European ministers gathered in Brussels to discuss aid to Ireland’s banks. The Bank of Korea raised interest rates for the second time this year and the China Securities Journal said the Chinese government will take steps to control rising prices. The drop accelerated after U.S. wholesale costs rose less than forecast in October.