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Oil rises on expected drop in supplies

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Oil prices are starting to rise with some anticipating that a recent tropical storm disrupted supply. The government will report petroleum supply levels on Wednesday. Tropical Storm Lee hammered the Gulf Coast earlier this month, forcing oil platforms and refineries to temporarily shut down. U.S. regulators said nearly 900,000 barrels of daily oil production was… Continue Reading Oil rises on expected drop in supplies

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Oil falls as nation’s crude supplies rise

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Oil prices fell Wednesday after the nation’s oil and gasoline supplies rose last week with the release of millions of barrels from the Strategic Petroleum Reserve. Benchmark West Texas Intermediate crude for September delivery lost $1.49 at $98.10 per barrel in midday trading on the New York Mercantile Exchange. In London, Brent crude rose 8… Continue Reading Oil falls as nation’s crude supplies rise

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Oil falls on supplies and concerns about China

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Oil prices sank Thursday on fresh concerns that demand could weaken if China takes more steps to control its economic growth. Benchmark oil for March delivery lost $2.19 at $88.67 a barrel in midday trading on the New York Mercantile Exchange. New data showed China’s economy grew 9.8 percent in the fourth quarter despite several… Continue Reading Oil falls on supplies and concerns about China

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