Oil dropped for a third day as speculation the Federal Reserve may not announce additional stimulus measures for the economy outweighed a drop in U.S. crude stockpiles. Futures slid as much as 0.4 percent in New York, extending a 1.9 percent decline yesterday. The Fed will probably forgo announcing a third round of asset purchases after a two-day meeting ends today, according to 88 percent of economists in a Bloomberg News survey. Crude inventories shrank 11.6 million barrels last week, the most since September 2008, an industry report showed. Oil for September delivery slipped as much as 33 cents to $87.73 a barrel in electronic trading on the New York Mercantile Exchange and was at $87.76...
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