Oil fell for a second day in New York as crude failed to breach technical resistance at its 30-month high and on concern that the European debt situation and the crisis in Japan will curb fuel demand.
Oil dropped this morning after reaching an intraday high of $106.69 a barrel yesterday, near the peak of $106.95 on March 7.
European Union leaders cut the amount committed to an emergency support system for the euro, and Japan’s nuclear regulator said a reactor core at the quake-damaged Fukushima Dai-Ichi plant may be cracked and leaking radiation.
Crude for May delivery fell 86 cents, or 0.8 percent, to $104.74 a barrel at 9:51 a.m. EDT on the New York Mercantile Exchange.
Prices have risen 2.8 percent since March 18, the first advance in three weeks. Futures have gained 30 percent in the past year.
