Oil slipped for a second day as speculation Europe is headed for a recession overshadowed concern that tensions with Iran may lead to a disruption in Middle East shipments.
Futures decreased 0.3 percent as the euro dropped to the lowest level versus the dollar since September 2010. Crude surged to the highest price in almost eight months this week after Iran threatened to block the Strait of Hormuz and European ministers discussed an embargo on oil imports from the country.
“The weaker euro is making people nervous and leading the market lower,” said Tom Bentz, a director with BNP Paribas Prime Brokerage Inc. in New York. “Iranian concerns aren’t on the front page today. It was worries about Iran that sent us higher earlier in the week.”
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