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Oil Slips for Second Day on Concern High Prices to Curb Growth

Oil slipped for a second day after the head of Saudi Arabia’s national oil company said the kingdom isn’t comfortable with prices near a 31-month high and on concern rising futures will slow the economic recovery.

Crude fell 7 cents after Khalid al-Falih, chief executive officer of Saudi Arabian Oil Co., said the world’s biggest crude exporter is committed to maintaining 3 million to 4 million barrels a day of spare capacity to stabilize the market. U.S. Treasury Secretary Timothy Geithner said today that oil prices have become an obstacle to economic growth.