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Crude Declines on Stockpile Release Speculation, China

Oil fell to a one-week low after manufacturing in the euro area and China contracted this month, signaling that fuel consumption may decline.

Futures dropped 1.8 percent as services and output slipped more than forecast in Europe, according to London-based Markit Economics. A preliminary measure of Chinese industrial activity also decreased. Crude’s decline accelerated as equities retreated and the dollar climbed against the euro.