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Oil Falls as Reduced U.S. Refinery Activity Curbs Crude Demand

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What's Next For Oil?

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Oil fell for a second day after the biggest drop in U.S. refinery activity in four months cut crude demand.

Refinery utilization slowed by 1.8 percentage points last week, the biggest decline since Jan. 16, the U.S. Energy Information Administration said Wednesday. Oil supply from both the Organization of Petroleum Exporting Countries and U.S. shale drillers is set to expand later this year, weighing on prices, hedge fund manager Pierre Andurand said.