Crude Futures Drop on Greek Austerity Vote, Rising U.S. Supply

Oil fell from a two-week high in New York amid speculation that U.S. crude inventories rose last week and as Greece prepared to vote on austerity measures.

Futures slid as much as 1.6 percent after surging 3.6 percent yesterday. Greek parliamentarians will vote later today on proposed spending cuts amid concern that Europe’s debt crisis may curb demand for fuels. U.S. oil stockpiles probably increased last week for a fourth time in five weeks, an Energy Department report may show today.