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Oil Falls on Political Issues in Europe & USA

December 11, 2012 at 0:52 by Vladimir Vyun

Crude oil declined today amid political turmoil in Italy that reignited fears of the crisis in Europe. Italian Prime Minister Mario Monti signaled that he is going to resign after the budget for 2013 is approved. Former Prime Minister Silvio Berlusconi increased his attacks on Monti and said that he is going to run for the seat during the next year’s election. Oil also fell on fears of the US fiscal cliff as there were no signs of progress in talks among US politicians.

Earlier, prices for crude had risen on good data from Germany and signs of increasing demand from China, the second biggest consumer of oil. German exports rose 0.3 percent in October from September, while analysts have expected a decline by the same rate. China imported 23.25 million metric tons of crude more than it exported in November.

Crude oil (light sweet) fell from $86.18 to $85.67 on NYMEX.

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