Brent falls, posts biggest 3-week drop since May 2011

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Brent crude oil futures dipped o n F riday, falling for the third day in a row, as investors pared holdings of risky assets such as oil and equities on fears that problems in Greece and Spain were spreading to other euro zone nations.

In London, ICE July Brent crude settled at $107.14 a barrel, edging down 35 cents, or 0.33 percent, the lowest close for front-month Brent since the Dec. 20, 2011 settlement at $106.73 and extending losses to a third straight week.

In three weeks, front-month Brent has fallen $12.69, or 10.59 percent, its biggest three-week drop since the week to May 20, 2011, when prices ended 10.72 percent lowerc.

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