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Crude Futures Set for Annual Drop in New York - report

Oil headed for its first annual decline since 2008 in New York as U.S. lawmakers sought an agreement on averting automatic tax increases and spending cuts that threaten the economy of the world's largest crude consumer, Bloomberg reported.

West Texas Intermediate fell as much as 0.9%, dropping for a third day. U.S. Senate Majority Leader Harry Reid said there are "still significant differences" between Democrats and Republicans with one day remaining to avoid the budget measures known as the fiscal cliff. The volume for WTI contracts was down 56% on the 100-day average.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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