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Oil dropped on forecasts that U.S. crude stockpiles increased to a six-month high and on signals that economic growth and fuel demand will slow in China.
Futures fell as much as 2.2 percent before a report tomorrow that will show supplies rose for a fifth week. China raised fuel prices by the most in two years and the nation’s vehicle sales may miss industry targets.
Oil for April delivery fell to $106,25 on the New York Mercantile Exchange.
Brent oil for May settlement decreased $1.63, or 1.3 percent, to $124.08 a barrel on the London-based ICE Futures Europe exchange.
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