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Oil falls to near $99 a barrel as Greek debt troubles offset Iran supply tensions
NEW YORK (AP) ' Oil edged down toward $99 as uncertainty over a Greek debt deal offset concerns that Iran could block shipments of crude in the wake of the European Union's decision to embargo imports of Iranian oil.
Negotiations to have Greece's private creditors swap their bonds for new ones of a lower value are crucial to avoiding a default and contain the European debt crisis. But eurozone governments have taken a hard line on the rates the new bonds should pay, insisting they should be below 3.5 percent, less than the creditors are so far willing to accept.
Benchmark crude fell 54 cents to $99.04 a barrel in midday trading in New York.