Oil drops a second day before European leaders meet

Oil dropped for a second day as investors weighed the likelihood that European Union leaders can stem the region?s debt crisis, while nuclear energy inspectors met Iranian officials in Tehran.

Futures slipped as much as 0.8 percent Monday in New York as stocks dropped and the dollar strengthened. International Atomic Energy Agency inspectors arrived in Tehran Sunday for talks on Iran?s nuclear program. EU chiefs will gather in Brussels Monday to complete a German-led deficit-control treaty and endorse a 500 billion-euro ($660 billion) rescue fund. Greece and its private creditors said Jan. 28 they expect to complete a write-off deal in the coming days.

?The significance is broader than Greece,? said Victor Shum, a senior principal at Purvin

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