SINGAPORE: Oil fell on Wednesday, pulling U.S. crude off six-week highs, as investors saw little upside from declining inventories in an environment where the euro zone debacle is taking precedence over tightening supply.
U.S. crude shed 79 cents to $89.42 a barrel after touching $90.52 on Tuesday, the highest intraday price since Aug. 4. Brent crude fell 31 cents to $111.58.
The euro zone crisis is capping gains in oil prices, said traders including Ken Hasegawa, a commodity derivatives manager at Japan's Newedge brokerage, while forecasters are lowering their demand growth outlooks for this year and next.
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