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Oil Falls as Greece Wrestles With Agreement to Avert Default

Oil declined in New York on concern that Greece will fail to take sufficient steps to avert a default, threatening Europe’s economy and fuel consumption.

Futures dropped 1 percent as European leaders pressured Greece to accept terms demanded by international lenders on a bailout package. Brent oil in London traded at the biggest premium to the American benchmark grade in 13 weeks as record-low temperatures in Europe bolstered fuel demand.