Brent crude declined in London as investors bet that Europe’s worsening debt crisis may slow the economy and crimp fuel demand. Futures in New York swung between gains and losses.
Brent slipped as much as 0.4 percent before European leaders hold a special summit this week after eight of the region’s banks failed stress tests. Concern the crisis is spreading pushed the euro lower against the dollar, limiting the appeal of commodities priced in the U.S. currency. Tropical Storm Bret formed north of the Bahamas as the second cyclone of the Atlantic hurricane season.