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West Texas Intermediate crude fell for the first time in four days on speculation that prices climbed more than justified last week.
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West Texas Intermediate crude snapped a three-day gain. Syrian government forces started an offensive against rebels, renewing concern that conflict may destabilize the Middle East.
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Brent crude futures rose to a one- week high above $100 a barrel on speculation last week’s drop was excessive.
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West Texas Intermediate oil rebounded after its biggest weekly drop in six months, snapping three days of losses. Brent’s premium to New York crude was near the smallest it has been since June.
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West Texas Intermediate crude rose amid clashes in Nigeria after talks between Iran and world powers ended without agreement. Brent oil’s premium to New York futures narrowed to the smallest level since June.
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West Texas Intermediate oil rose for a fourth day as the dollar weakened against the euro. A report today may show U.S. crude stockpiles climbed to an eight- month high. Chinese refining fell to the lowest in four months.
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Oil plunged the most this year on concern that Europe’s sovereign-debt crisis is deepening and as a Chinese central-bank adviser said the country’s economic expansion may slow further.
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West Texas Intermediate traded near $90 a barrel, a level it has held above so far this year, after money managers cut bets on rising prices.
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Oil advanced to the highest level in more than a week in New York amid concern that Middle East unrest will disrupt supply and speculation the U.S. will avert automatic spending cuts and tax rises that threaten to throw the nation into recession.
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Oil traded near the lowest level in almost a week in New York after U.S. crude stockpiles increased and the World Bank cut its economic growth forecasts.