Economics
Crude Drops From Six-Week High on Concern Recovery May Falter
This article is for subscribers only.
Oil fell from the highest in six weeks as investors speculated gains were exaggerated amid concern that Europe’s debt crisis and the faltering U.S. economic recovery will temper fuel demand.
Futures dropped as much as 1.9 percent after technical indicators signaled gains of more than 3 percent in the past two days may have been excessive. U.S. Treasury Secretary Timothy F. Geithner will meet European finance ministers this week to discuss efforts to contain the region’s sovereign-debt troubles. The International Energy Agency yesterday cut its global oil-consumption forecasts for this year and 2012.