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Oil futures fell, paring the biggest weekly gain since March, as a drop in Japan’s industrial output prompted traders to lock in profits from yesterday’s rally.
Japan’s industrial production declined last month for the first time since the March earthquake, the country’s trade ministry data showed. The drop was bigger than all 28 forecasts of economists. Output had risen since April as companies made up for orders disrupted by the disaster. Japan is the world’s third-largest oil consumer after the U.S. and China, using 4.45 million barrels a day in 2010, according to the BP Statistical Review.
Crude for December delivery declined to $92.01 a barrel on the New York Mercantile Exchange.
Brent oil for December settlement slid $1.65, or 1.5 percent, to $110.43 a barrel on the London-based ICE Futures Europe exchange.
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