Robert Montefusco News
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West Texas Intermediate slipped from near a five-week high amid rising crude inventories in the U.S., the world’s biggest consumer of the commodity.
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West Texas Intermediate dropped to the lowest price this year and headed for a second weekly decline as Chinese manufacturing expanded less than forecast and OPEC crude production rose for the first time in six months.
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Zinc fell to the lowest price this week, leading a slump for industrial metals, on renewed concern that Europe’s debt crisis is worsening and will curb demand.
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Copper rose the most in more than a week after European leaders agreed to increase a rescue fund and tighten budget rules to stem the region’s debt crisis.
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Oil dropped for a third time in four days after Norway ended a strike that threatened to halt production by western Europe’s largest crude exporter, while China reduced purchases of the commodity.
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Oil rose to its highest price in a week in New York after gasoline stockpiles declined more than forecast in the U.S., the world’s biggest user of the fuel.
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Oil climbed for the first time in three days after an Alaskan pipeline carrying about 15 percent of U.S. crude output was shut following a leak.
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Oil traded near its lowest settlement in six months as the European Central Bank suspended lending to some Greek institutions, fanning concern that the region’s debt crisis will hurt fuel demand.
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Oil rose above $75 a barrel for the first time in two weeks as U.S. data signaled that the economic recovery is gathering pace and may revive fuel demand.
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Oil traded near its highest in a week in New York on signs that the U.S. economy will be spared a recession and amid growing pressure on Iran to curtail its nuclear program.
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