Oil Drops on Concern Italy’s Turmoil May Derail European Economy

Oil declined for the first time in six days in New York after political turmoil in Italy revived concern that Europe’s debt crisis may continue to spread.

Futures fell as much as 1.9 percent after reaching their highest price in more than three months. European equities declined and the euro sank against the dollar as the cost of insuring against Italian default rose to a record. The Energy Department may say today gasoline supplies rose by 1 million barrels, analysts indicated in a Bloomberg News survey.