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Oil falls second day on equities drop as dollar little changed

Jan. 14 (Bloomberg) -- Oil fell for a second day in New York as equities declined and the dollar reversed losses against the euro.

Futures for February delivery dropped 47 cents, or 0.5 percent, to $93.09 a barrel at 10:13 a.m. on the New York Mercantile Exchange. Prices have decreased 5.7 percent in the past year.

Brent for February settlement slipped 7 cents to $110.57 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract was at a premium of $17.48 to WTI. It settled at $17.08 on Jan. 11, the narrowest gap based on closing prices since Sept. 19.

The Standard & Poor’s 500 Index declined as much as 0.4 percent after climbing for two weeks to trade near the highest level in five years after Apple Inc. tumbled amid a report it cut orders for iPhone components.

The dollar was little changed at $1.3347 per euro. Earlier, it dropped as much as 0.5 percent.

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