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Oil dropped
Oil dropped for a third day in New York on signs that U.S. lawmakers won’t agree on cutting the budget deficit and on concern that Europe’s debt crisis will send the region’s economy into a recession.
Futures fell as much as 2.1 percent on speculation that a debt-reduction committee’s inaction will set the stage for $1.2 trillion in automatic cuts. The 12-member bipartisan supercommittee will probably announce today that it can’t reach agreement on deficit savings, according to a Democratic aide. Today is the deadline for the Congressional Budget Office to receive information for scoring a proposal in advance of the supercommittee’s Nov. 23 target date for reaching a deal.
Growth in Germany, Europe’s largest economy, may slow next year, the Bundesbank said today. The Frankfurt-based Bundesbank cut its 2012 growth forecast to a range of 0.5 percent to 1 percent from a June prediction of 1.8 percent. It said a “pronounced” period of economic weakness can’t be ruled out if the crisis worsens.
Crude oil for January delivery fell to $95.52 a barrel on the New York Mercantile Exchange. Futures are up 5.2 percent this year.
Brent oil for January settlement dropped 86 cents, or 0.8 percent, to $106.70 a barrel on the London-based ICE Futures Europe exchange.
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