Oil Drops for a Fifth Day as Saudi Arabia Signals More Supply
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Crude for delivery in March dropped for a fifth day after Saudi Arabian Oil Minister Ali al-Naimi signaled OPEC may increase supply to meet growing demand in China and India.
Prices gained earlier on forecasts that U.S. economic growth accelerated in the fourth quarter while industrial orders in the euro area increased in November. Merrill Lynch Wealth Management said oil will likely surpass $100 a barrel, while Goldman Sachs Group Inc. said the commodity may be heading toward a “structural bull market.”