Oil Falls a Fourth Day on Concern Greek Vote Raises Default Risk

Oil fell in New York for a fourth day, the longest losing streak in three months, on concern a Greek referendum on Europe’s rescue plan will worsen the region’s debt crisis and curb economic growth.

Futures dropped as much as 1.3 percent after Greek Prime Minister George Papandreou pledged to put Europe’s financing package to a vote. Manufacturing in the U.S., the world’s largest oil consumer, was close to stagnating last month, data showed yesterday. U.S. crude stockpiles rose last week, according to a Bloomberg News survey before an Energy Department report today.