Oil Falls as Supplies Rise, Allied Forces `Pressurize' Qaddafi
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Oil fell from the highest in more than two years in New York on signs supplies are rising in the U.S. and easing concern that unrest in the Middle East will spread to Saudi Arabia, the region's largest crude exporter.
Futures slipped as much as 0.6 percent as Yemen’s Ali Abdullah Saleh agreed to an opposition proposal to hand over power by the end of the year and a report yesterday showed U.S. crude stockpiles grew for a third week. Allied warplanes continued “pressurizing Qaddafi’s forces” in Libya by targeting government tanks, artillery, supply lines and communications points, U.S. Navy Rear Admiral Gerard Hueber said yesterday.