Crude Oil Trades Near Four-Month Low Amid European Debt Concern
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Oil traded near its lowest level in almost four months in New York, erasing earlier gains as European equities declined and the euro weakened against the dollar amid signs that the region’s debt crisis is worsening.
Futures slipped as stock markets fell worldwide to a three-month low, the euro weakened and European government default risk climbed to a record. Oil earlier rose as much as 1 percent after the International Energy Agency raised its oil demand forecast.