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WTI Drops to Seven-Week Low; U.S. Supplies Seen Rising

Oil fell to a seven-week low in New York amid estimates that U.S. crude inventories rose. Futures slid with stocks and the euro as Italy’s inconclusive elections spurred concern that Europe’s debt crisis may worsen.

West Texas Intermediate declined as much as 1.3 percent to $91.92 a barrel, the lowest intraday price since Jan. 4. U.S. crude supplies probably climbed to the highest in seven months, a Bloomberg News survey showed before Energy Department data tomorrow. The U.S. and its partners urged Iran to accept an updated offer at talks on the country’s nuclear program today. Early results suggested Italy’s election would lead to a hung parliament and another vote.