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Oil Near Three-Month High in New York Amid Supply Risks

Oil dropped from its highest close in three days in London as concern that demand will weaken countered signs of shrinking supply in the U.S., the world’s biggest crude consumer.

Brent dropped as much as 1 percent after Japan’s trade deficit widened more than expected as Europe’s debt crisis and a slowdown in China dragged down exports. An Energy Department report today may show U.S. crude supplies slid by 250,000 barrels, according to a Bloomberg News survey. United Nations nuclear inspectors and Iran agreed to meet again over access to disputed documents, people and sites allegedly linked to the Persian Gulf country’s nuclear program.