Addison Armstrong News
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Oil dropped to a 2012 low after China’s industrial growth unexpectedly slowed in April and concern grew that Europe’s debt crisis will worsen, reducing fuel consumption.
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Gasoline declined for the first time in three days on speculation that inventories are ample to meet consumption during the U.S. summer driving season.
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Oil rose in New York after home prices in 20 U.S. cities dropped at a slower pace in February, bolstering optimism that economic expansion will accelerate in the world’s biggest crude-consuming country.
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Oil climbed to a two-week high in New York as Spain raised more than its maximum target at a debt auction and the International Monetary Fund bolstered its global growth forecast.
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Oil climbed after German industrial production increased more than forecast and Greece moved closer to completing its debt swap, bolstering optimism that Europe’s economy and fuel demand will rebound.
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Oil fell to a six-week low as U.S. equities dropped and France said governments are moving closer to an agreement on a release from emergency stockpiles to curb price gains.
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Crude oil climbed to a 12-week high in New York on declining stockpiles at a U.S. storage hub, putting the contract in a so-called bull market.
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Oil fell to a one-week low after manufacturing in the euro area and China contracted this month, signaling that fuel consumption may decline.
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Oil dropped for the first time in four days after the U.S. Energy Department said inventories climbed the most in 20 months and as Western nations considered releasing crude from strategic reserves.
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Gasoline jumped to a 10-month high on speculation the U.S. economy is recovering and concern that tensions over Iran’s nuclear program may limit oil supply.
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