Oil Drops as Gasoline Prices Curb Demand

Bloomberg reports that in New York, Oil fell from a two-day high.

The market news is quoted as saying:

Futures slid as much as 1.1 percent today. South Korea said unstable oil prices are a “major downside risk” a day after the International Energy Agency reduced its 2011 oil demand estimate for the first time. U.S. consumer sentiment declined and retail sales rose at the slowest pace in nine months as households paid almost $4 a gallon at the pump.

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