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Oil fell in New York as U.S. industrial output rebounded in December amid increasing tension between Iran and Saudi Arabia, OPEC’s two leading producers.
Futures advanced as much as 1.3 percent and equities rebounded after Federal Reserve figures showed that production at factories, mines and utilities rose 0.4 percent last month. Iran called on Saudi Arabia to be “more wise and responsible” after the kingdom said it could make up for any supply loss resulting from a European ban on Iranian imports.
The World Bank cut its global growth forecast by the most in three years, saying a recession in the euro region may exacerbate a slowdown in emerging markets. The global economy will expand 2.5 percent this year, down from a June estimate of 3.6 percent, according to the World Bank in Washington. Turmoil in Europe has the potential to trigger a financial crisis reminiscent of 2008, it said.
Crude oil for February delivery fell to $99.84 a barrel on the New York Mercantile Exchange. Earlier prices climbed to $102.06, the highest level since Jan. 12.
Brent oil for March settlement declined 17 cents to $111.36 a barrel on the London-based ICE Futures Europe exchange.
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