Crude Oil Drops on Concern Europe Debt Crisis Will Slow Demand
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Oil fell in New York amid concern that Europe’s sovereign debt situation may weaken fuel demand while the dollar rose to a nine-week high against the euro.
Futures slid as much as 3 percent after Spain’s governing Socialist party suffered its worst electoral defeat in more than 30 years and Standard & Poor’s said on May 20 it may lower Italy’s credit rating. A stronger dollar reduces the appeal of commodities as an alternative to the U.S. currency.