Michael McCarthy News
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Brent crude fell for a second day after OPEC’s production increased to a five-month high and an industry group said U.S. stockpiles climbed for the first time in three weeks.
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West Texas Intermediate crude traded near the highest price in a week as investors speculated that declines over the past three weeks were excessive. Hedge funds cut bullish bets on WTI by the most in almost two months.
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European policy makers signaled flexibility on the application of an unprecedented bank tax in Cyprus, seeking to overcome outrage that threatens to derail the nation’s bailout. European shares and the euro fell.
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Oil in New York traded near the lowest close since July after U.S. inventories rose more than forecast and fuel demand dropped.
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Brent crude was little changed near its highest in four days as a North Sea pipeline system remained shut. Venezuela, OPEC’s fourth-biggest producer, announced the death of President Hugo Chavez.
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India’s rupee may drop as much as 5 percent after wiping out three days of gains yesterday to signal a rally for the dollar, according to London-based City Index Ltd.
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The cost of insuring against a drop in the dollar versus the yen rose to a four-month high as investors sought havens amid a possible U.S. credit-ratings downgrade and bet the Bank of Japan will struggle to halt gains in its currency.
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Oil traded near the highest level in seven weeks in New York amid speculation U.S. stockpiles will decline and tension with Iran may escalate.
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Oil fluctuated after falling for the first time in four days yesterday in New York as speculation that China will take more steps to boost its economy countered signs of weakening demand in the U.S., the biggest crude user.
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Oil fell from the highest price in three days in New York on speculation Greece’s steps to avert a financial collapse may fall short, threatening Europe’s economy and demand for fuel.
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