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Oil dropped for a second day as U.S. crude inventories were forecast to gain and on concern that a deal for Greece to buy back its bonds may falter.
Oil dropped for a second day as U.S. crude inventories were forecast to gain and on concern that a deal for Greece to buy back its bonds may falter.
Highlights from market news:
– Prices dropped as much as 1 percent as oil supplies probably grew 350,000 barrels last week according to analysts surveyed
– Crude for January delivery fell 62 cents, or 0.7 percent, to $87.12 a barrel, prices are down 12 percent this year
– The euro dropped as much as 0.4 percent to $1.2915. A weaker euro and stronger dollar reduce oil’s appeal as an investment alternative. Earlier, it rose as much as 0.3 percent.