Oil Drops From Six-Week High on Europe Crisis, Slowdown in U.S.
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Oil declined from a six-week high on concern that Europe’s debt crisis and the faltering U.S. economic recovery will temper fuel demand.
Futures fell 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. The European Central Bank said it will lend two euro-area banks dollars tomorrow, a sign they are having difficulties with borrowing. Retail sales in the U.S. unexpectedly stagnated in August, data from the Commerce Department showed. The Energy Department may say U.S. crude stockpiles fell last week, according to a Bloomberg survey.