Victor Shum News
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West Texas Intermediate declined after its biggest advance in two weeks as Euro-area services and manufacturing contracted and Cyprus’s president worked on a new plan to secure a financial bailout from the euro area.
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Refiners in Asia, the destination for 65 percent of Iran’s oil exports, are seeking alternative sources of crude in the event of a supply disruption from the world’s fourth-largest producer.
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Oil traded near the highest in almost eight months as investors speculated that tensions over Iran, shrinking U.S. crude stockpiles and signs of economic recovery will tighten global supplies.
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China International United Petroleum & Chemical Corp ., the nation’s largest oil trader, will halt imports of diesel this month, according to a company official with knowledge of the plans, as a domestic shortage eases.
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Malaysian opposition leader Anwar Ibrahim, set to challenge Prime Minister Najib Razak in polls early next year, will press the state energy company to boost investments in overseas oilfields while easing local exploration.
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Japan’s crude imports from Iran slumped 63 percent in October to the second-lowest level since the U.S. exempted the Asian nation from sanctions targeting the Middle East country’s nuclear program.
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Oil headed for its first annual decline since 2008 in New York as U.S. lawmakers sought an agreement on averting automatic tax increases and spending cuts that threaten the economy of the world’s largest crude consumer.
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Oil fell for a third day in New York as U.S. fuel stockpiles rose more than forecast, adding to signs of slowing economic growth in the world’s biggest crude consumer.
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Oil traded at the highest in 26 months as signs the economic recovery is gathering pace in the U.S., the world’s biggest crude-consuming nation, stoked speculation that fuel demand will increase.
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Oil traded near the lowest level in more than two weeks in New York as concern that central banks won’t act to stimulate a slowing global economy outweighed signs of shrinking supplies.
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