Crude Drops as Italy Names New Leader, China Sees ‘Soft Landing’
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Oil dropped, erasing earlier gains, on concern that new leadership in Italy may not contain the European debt crisis and China’s demand for crude may weaken.
West Texas Intermediate fell as much as 1.3 percent after rising earlier to $99.69 a barrel, the highest since July 26. Italy’s president offered Mario Monti, a former European Union competition commissioner, the post of prime minister yesterday. The International Monetary Fund’s Deputy Managing Director Zhu Min said yesterday the world’s second-largest economy was heading for a “soft landing” as growth slows.