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Crude Oil Futures Fall as Spain Cut Renews Demand Concern

Oil fell from the highest level in almost four weeks in New York, trimming a second weekly gain, after a cut in Spain’s credit rating renewed concern that Europe’s faltering economy may curb fuel demand.

Futures slipped as much as 0.8 percent after New York-based Standard & Poor’s reduced Spain’s rating to BBB+ from A and said the nation may have to provide fiscal support to the banking sector as the economy contracts. Prices also dropped after reaching technical resistance. West Texas Intermediate crude may decline next week after economic confidence in the euro-region fell and the U.S. economy grew less than forecast, a Bloomberg News survey showed.