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

Published Sun, Jul 17, 2016 · 09:50 PM

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 attempted coup in Turkey. Exxon declared force majeure on shipments of Nigeria's biggest crude export grade and China processed a record amount of crude in the first half of 2016 as economic growth last quarter exceeded estimates, adding support to the market.

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