Crude Oil Drops From One-Week High on European Debt Concern

Oil fell from near a one-week high in London amid concern that Ireland’s debt crisis will spread to Portugal and Spain, limiting economic growth and diminishing fuel demand.

Brent futures slipped as the euro dropped to a two-month low against the dollar, curbing investor demand for commodities priced in the U.S. currency. North Korea’s state news agency warned its confrontation with South Korea could lead to war, sending equities lower. The MSCI Asia Pacific Index headed toward its biggest loss in two weeks.