Oil Falls a Third Day as European Debt Outweighs Mideast Unrest

Oil fell for a third day in New York as concern that Japan’s ongoing nuclear crisis is delaying rebuilding efforts and European nations’ debt may cut demand, overshadowed turmoil in Libya and the Middle East.

Futures slipped as much as 0.4 percent in the longest declining streak in two weeks as the European Union reduced the amount committed to an emergency support system for the euro region. Japanese equities fell after radiation hampered efforts to cool the stricken reactors at the Fukushima Dai-Ichi plant and earthquake damage slowed the supply of materials to manufacturers. Libyan rebels recaptured the oil port of Ras Lanuf yesterday, while 12 people died in clashes in Syria.