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Oil settles near US$46 amid Nigeria force majeure, US fuel glut

Monday, July 18, 2016 - 05:50
China processed a record amount of crude on a daily basis in the first half of 2016 as plants boosted operations.

New York

OIL closed near US$46 a barrel in New York on Friday as the market weighed a force majeure declared by Exxon Mobil Corp on crude shipments out of Nigeria against excess US oil and product inventories.

Prices extended gains after the settlement following news of the