Economics
Oil Declines From Three-Week High as Greek Bailout Held Back
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Oil dropped from a three-week high as euro-area finance ministers refused to approve a rescue package for Greece, boosting concern that the European debt crisis will reduce fuel demand.
Futures fell 1.2 percent after Luxembourg Prime Minister Jean-Claude Juncker, chairman of the group of euro-area finance chiefs, said yesterday that Greece won’t get financial aid until it implements an austerity plan. The International Energy Agency also cut its 2012 global oil demand forecast for a sixth month, citing a “darkening” economic outlook.