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Oil Heads for Biggest Drop This Year as Obama Wins - report

Oil is headed for the biggest drop in New York this year after President Barack Obama won re-election and Greece prepared to vote on austerity measures, Bloomberg reported.

Futures slid as much as 5.3% as Obama defeated Republican Mitt Romney. He now faces negotiations with Congress to avoid more than $600 billion in mandated tax gains and spending cuts. Greece's parliament votes today on a package to unlock bailout funds. Oil extended losses after a government report showed that U.S. crude and fuel supplies rose last week.

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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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