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Oil dropped
Oil dropped a third day as German industrial output declined, signaling that growth in Europe’s largest economy may have stalled, and as concern eased that Iran will block crude shipments from the Persian Gulf.
Futures fell as much as 1 percent after German production fell 0.6 percent in November, the Economy Ministry in Berlin said today. Oil climbed to a seven-month high as manufacturing in the U.S. improved.
Oil for February delivery fell 85 cents, or 0.8 percent, to $100.71 a barrel at 10:07 a.m. on the New York Mercantile Exchange. The price fell as low as $100.44. Futures are up 13 percent from a year earlier.
Brent oil for February settlement decreased 48 cents, or 0.4 percent, to $112.58 a barrel on the London-based ICE Futures Europe exchange.
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