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Oil Declines Below $80 for a Third Day on Euro-Zone Debt

Oil fell below $80 a barrel for a third day in New York on concern that a meeting of European Union leaders this week will fail to check the region’s debt crisis, leading to a reduction in fuel demand.

Futures dropped 0.7 percent as George Soros warned that a failure by EU leaders to produce drastic measures may spell the demise of the bloc’s shared currency. Crude climbed earlier as oil and gas installations in the Gulf of Mexico were shut because of Tropical Storm Debby. Prices slid as the storm moved toward Florida and away from energy fields.