Oil Declines After Saudi Arabia Denies Reported Explosion
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Oil fell in New York and headed for the first weekly decline in four after Saudi Arabia denied a reported pipeline explosion in its Eastern province.
Futures slid as much as 1.1 percent after climbing to the highest price in 10 months yesterday. There was no sabotage at oil facilities in the Qatif area, according to Major General Mansour Al-Turki, a spokesman for the Saudi Arabian Interior Ministry. Prices rose above $110 a barrel for the first time since May after Iran’s Press TV said an explosion hit pipelines in the area, home to Saudi Arabia’s largest refinery.