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Market Chatter: Brent Oil Set for First Weekly Drop in Three on China

"Oil fell in London, erasing a weekly gain, as concern that accelerating inflation in China will impede steps to stimulate growth countered a drop in crude production in Saudi Arabia," Bloomberg reported.

It said: "Brent futures declined as much as 1.5% and headed for their first weekly decline in three weeks. China's inflation climbed more than forecast to a seven-month high, potentially limiting scope for policy easing. Saudi Arabia, the world's largest crude exporter, reduced output in December to the lowest in 19 months, according to a Persian Gulf official with knowledge of the kingdom's energy policy."

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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