Crude Oil Drops From Two-Week High - 2011/10/11 20:47Hi guys, Oil fell from its highest in more than two weeks in New York before a government vote in Slovakia on the euro area’s bailout fund that may endanger a recovery in the region’s economy.
Oil climbed 2.9% yesterday after German Chancellor Angela Merkel and French President Nicholas Sarkozy said they will deliver a plan to recapitalize the region’s banks by November 3. An Energy Department report October 13 may show American crude supplies rose last week.
Crude for November delivery on the NY Mercantile Exchange fell as much as $1.14 to $84.27 a barrel and was at $84.66 at 1:06 PM London time. The contract yesterday gained 2.9% to $85.41, the highest close since September 21. Prices are down 5.4% this year.
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