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Finotec |
Futures Fundamental | Dec 30, 2008 12:00AM GMT |
fuel stockpiles may increase as a deepening global recession reduces demand
Crude oil fell, poised for its first annual decline in seven years, on concern that fuel stockpiles may increase as a deepening global recession reduces demand. South Korean factory production dropped by the most on record and confidence among manufacturers fell, adding to signs Asia's fourth-largest economy will join Japan, Europe and the U.S. in recession. Oil pared gains after advancing on speculation that an escalation in Israeli attacks on the Hamas-controlled Gaza Strip may disrupt supplies from the Middle East. The Crude Oil is trading at $39.43 as of 9:15am, GMT.
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