Oil Set for Weekly Loss on Debt Crisis; Brent Falls to 2012 Low

Oil headed for a third weekly drop in New York after Germany’s finance minister said Europe’s crisis may last another two years and reports added to evidence of a slowdown in China. Brent fell to its lowest this year in London.

West Texas Intermediate futures were little changed, after losing as much as 1 percent. German Finance Minister Wolfgang Schaeuble said on France’s Europe 1 radio that “in 12 to 24 months we’ll see a calming of financial markets,” sending the euro to a four-month low against the dollar. Enbridge Inc. and Enterprise Products Partners LP reversed the Seaway pipeline to alleviate a glut in the U.S. Midwest. In China, home prices fell in a record number of cities last month and car dealers posted inventory levels that foreshadowed deeper price cuts.