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Oil fell for the first time in three days after Saudi Arabia denied a report of a pipeline explosion in its Eastern province and as the dollar headed for its biggest weekly gain in almost two months.
Oil is poised for the first weekly decline since Feb. 3 after a Saudi official said there was no sabotage at oil facilities in the Qatif area. Prices rose above $110 a barrel yesterday after Iran’s Press TV said an explosion hit pipelines in the area. The dollar gained against the euro before U.S. reports next week that are forecast to show growth in the world’s biggest economy.
Oil for April delivery dropped to $106.08 a barrel on the New York Mercantile Exchange. The contract rose to $110.55 yesterday after floor trading closed on the Press TV report. Prices are down 2.1 percent this week.
Brent oil for April settlement slipped $1.57, or 1.2 percent, to $124.63 a barrel on the London-based ICE Futures Europe exchange. It surged to $128.40 yesterday, the highest price since July 2008.
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