New York : Crude oil declined for the first time in three days after the European Union said Greece's budget deficit last year was worse than previously forecast, sending equities and the euro lower.
Oil fell to near $83 a barrel in New York as the dollar climbed against the euro, dimming the appeal of commodities for hedging inflation. A US Energy Department report showed crude inventories unexpectedly increased last week, stirring concerns that fuel demand in the world's largest energy user has yet to recover.
"Demand in Europe and the US is still weak," said Zurich's Credit Suisse Group head of commodity research Tobias Merath. "We aren't yet seeing the developed world make a positive contribution to demand growth. It was a fairly bearish oil data set, imports higher and demand lower."
