Oil Trades Near $50 After First Weekly Gain in 2 Months
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Oil declined from a one-week high in London and New York as Iraqi production advanced to a record, compounding a global supply surplus.
Prices slid as much as 2.2 percent in New York and London after their first weekly gain in two months. Iraq is pumping at an unprecedented pace of 4 million barrels a day, Oil Minister Adel Abdul Mahdi said. Oil extended losses after Chinese shares plunged the most since 2008 as regulators cracked down on margin lending.