Crude Falls for First Time in Eight Days on Europe Debt

Oil fell for the first time in eight days after the Group of 20 nations rebuffed calls from euro countries to increase lending resources, adding to concern that Europe’s debt crisis will slow the economy and reduce demand.

Prices dropped 1.1 percent as the G-20 said Europe needs to review its financial firewall before the group considers boosting the International Monetary Fund’s resources. IMF Managing Director Christine Lagarde warned the world economy is “not out of the danger zone” amid fragile financial systems and rising oil prices.