Oil dropped the most this year in New York after President Barack Obama won re-election and Greece prepared to vote on austerity measures.
Futures slid 4.8 percent as Obama defeated Republican Mitt Romney. He now faces negotiations with Congress to avoid more than $600 billion in mandated tax gains and spending cuts. Greece’s parliament votes today on a package to unlock bailout funds. Oil extended losses after a government report showed that U.S. crude and fuel supplies rose last week.