Oil Slips From Highest in a Month as Germany Damps Rescue Hopes
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Oil slipped from its highest in a month in New York after Germany criticized as unrealistic hopes for a swift resolution to Europe’s debt crisis.
West Texas Intermediate crude futures were little changed, retreated from an earlier high above $88 a barrel. German Chancellor Angela Merkel, speaking at a briefing in Berlin today, dismissed expectations that rescue plans to be announced at an Oct. 23 summit will speedily address Europe’s problems as “dreams.” Crude had advanced on forecasts that China may say tomorrow its economy grew more than 9 percent last quarter.