Oil Falls as Japan Recession Reduces Fuel Demand Outlook
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West Texas Intermediate and Brent crudes dropped after Japan, the world’s third-largest oil consuming country, unexpectedly slipped into a recession.
Japan’s economy shrank an annualized 1.6 percent in the third quarter, a second successive drop. Iran’s oil minister is preparing to visit the United Arab Emirates this week, according to Shana, the Tehran-based ministry’s news service. The Organization of Petroleum Exporting Countries is scheduled to meet Nov. 27.