Oil Declines From One-Week High on Isaac, G-7 Statement
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Oil fell from its highest closing price in a week and gasoline declined for a second day after Hurricane Isaac made landfall in the U.S. and the Group of Seven nations said prices may threaten the global economic recovery.
Crude futures slipped as much as 0.9 percent, then pared some its loss after the U.S. economy expanded more than estimated in the second quarter. Gasoline dropped by 1.3 percent after Isaac struck the coast of southeastern Louisiana. A shutdown of refineries because of the storm has curbed crude demand, according to Goldman Sachs Group Inc. The G-7 called on oil-producing countries to increase output, according to a joint statement issued yesterday by the U.S. Treasury Department.