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Crude oil declined in New York while gasoline gained as refineries reduced operations on the U.S. East Coast with Hurricane Sandy poised to strike.
Futures dropped as much as 1.1 percent and the motor fuel rose as much as 2.8 percent as Sandy strengthened. The storm will probably make landfall tomorrow, according to a National Hurricane Center advisory. Phillips 66 (PSX), NuStar (NS) Energy LP, Hess Corp. (HES) and PBF Energy Inc. said they are shutting or reducing output at New Jersey refineries and terminals as a precaution.
Crude oil for December delivery fell to $85.61 a barrel on the New York Mercantile Exchange. Prices are down 13 percent this year.
Brent oil for December settlement climbed 47 cents, or 0.4 percent, to $110.02 a barrel on the London-based ICE Futures Europe exchange. The grade rose as four North Sea Forties crude cargoes that were deferred to November from October earlier this month have been postponed by a further two to seven days, according to three people with knowledge of the loading program.
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